California State Teachers Retirement System Acquires 6,108 Shares of AppLovin Co. (NASDAQ:APP)

California State Teachers Retirement System raised its stake in AppLovin Co. (NASDAQ:APP - Free Report) by 1.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 329,832 shares of the company's stock after purchasing an additional 6,108 shares during the quarter. California State Teachers Retirement System owned 0.10% of AppLovin worth $106,809,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp boosted its holdings in AppLovin by 3.5% in the fourth quarter. Northern Trust Corp now owns 1,612,978 shares of the company's stock valued at $522,331,000 after acquiring an additional 55,082 shares in the last quarter. Insight Holdings Group LLC purchased a new position in shares of AppLovin during the fourth quarter valued at about $1,619,000. Public Employees Retirement Association of Colorado raised its stake in AppLovin by 18.8% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 20,923 shares of the company's stock worth $6,775,000 after buying an additional 3,309 shares in the last quarter. Berger Financial Group Inc purchased a new stake in AppLovin in the fourth quarter worth about $280,000. Finally, Science & Technology Partners L.P. purchased a new stake in AppLovin in the fourth quarter worth about $30,609,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Upgrades and Downgrades

APP has been the subject of a number of research analyst reports. The Goldman Sachs Group lowered their target price on AppLovin from $500.00 to $335.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Piper Sandler reduced their target price on shares of AppLovin from $575.00 to $425.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Citigroup lifted their price target on shares of AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. Morgan Stanley upgraded shares of AppLovin from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock from $470.00 to $350.00 in a report on Thursday, April 10th. Finally, Arete Research set a $200.00 target price on shares of AppLovin in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $415.15.

AppLovin Price Performance

Shares of NASDAQ APP traded down $19.57 during midday trading on Wednesday, reaching $269.31. The stock had a trading volume of 9,246,892 shares, compared to its average volume of 5,912,743. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. The stock has a 50-day moving average of $280.83 and a 200-day moving average of $302.78. The company has a market capitalization of $91.55 billion, a price-to-earnings ratio of 59.32, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. As a group, research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the sale, the chief executive officer now directly owns 2,914,492 shares of the company's stock, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company's stock.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.