17,906 Shares in AppLovin Corporation (NASDAQ:APP) Acquired by Kentucky Retirement Systems

Kentucky Retirement Systems acquired a new position in AppLovin Corporation (NASDAQ:APP - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 17,906 shares of the company's stock, valued at approximately $4,745,000.

Several other hedge funds also recently added to or reduced their stakes in APP. Wealth Enhancement Advisory Services LLC grew its stake in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock valued at $45,675,000 after buying an additional 66,453 shares in the last quarter. Yousif Capital Management LLC grew its stake in shares of AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after buying an additional 119 shares in the last quarter. Kingswood Wealth Advisors LLC grew its stake in shares of AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after buying an additional 80 shares in the last quarter. Peak Retirement Planning Inc. acquired a new stake in shares of AppLovin in the fourth quarter valued at $969,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of AppLovin by 3.0% in the first quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after buying an additional 121 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price objective on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Jefferies Financial Group lifted their target price on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Wells Fargo & Company lifted their target price on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. lifted their target price on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Finally, FBN Securities began coverage on AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $438.10.

AppLovin Stock Down 5.7%

AppLovin stock opened at $324.70 on Monday. AppLovin Corporation has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The company has a market capitalization of $109.88 billion, a P/E ratio of 58.61, a PEG ratio of 1.89 and a beta of 2.53. The stock has a 50-day simple moving average of $333.20 and a 200-day simple moving average of $333.86.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the business earned $0.67 EPS. The business's quarterly revenue was up 40.3% on a year-over-year basis. Equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the transaction, the director now owns 221,209 shares in the company, valued at approximately $82,867,103.49. The trade was a 64.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Craig Scott Billings sold 12,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $353.12, for a total value of $4,237,440.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at approximately $1,054,769.44. This represents a 80.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 in the last ninety days. Insiders own 13.66% 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.

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