AppLovin Corporation (NASDAQ:APP) Stock Position Lifted by New York State Common Retirement Fund

New York State Common Retirement Fund raised its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 41.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 213,335 shares of the company's stock after purchasing an additional 62,800 shares during the period. New York State Common Retirement Fund owned 0.06% of AppLovin worth $56,527,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin in the fourth quarter valued at approximately $25,000. Atala Financial Inc purchased a new position in AppLovin in the first quarter valued at approximately $26,000. Alpine Bank Wealth Management purchased a new position in AppLovin in the first quarter valued at approximately $27,000. Tucker Asset Management LLC purchased a new position in AppLovin in the fourth quarter valued at approximately $28,000. Finally, ORG Wealth Partners LLC purchased a new position in AppLovin in the first quarter valued at approximately $29,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on APP. Jefferies Financial Group raised their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Loop Capital reaffirmed a "buy" rating and set a $650.00 price target on shares of AppLovin in a report on Friday, March 28th. UBS Group increased their price target on AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wedbush raised AppLovin to a "strong-buy" rating in a report on Tuesday, July 1st. Finally, The Goldman Sachs Group increased their price target on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Stock Up 2.3%

NASDAQ APP traded up $8.28 on Thursday, reaching $363.78. The company had a trading volume of 4,590,686 shares, compared to its average volume of 6,262,712. The firm has a market capitalization of $123.10 billion, a PE ratio of 65.66, a P/E/G ratio of 2.12 and a beta of 2.42. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The firm has a 50-day moving average of $361.80 and a 200-day moving average of $334.81. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68.

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

Insider Buying and Selling at AppLovin

In related news, CFO Matthew Stumpf sold 9,714 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the transaction, the chief financial officer directly owned 192,421 shares in the company, valued at $81,394,083. This represents a 4.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by insiders.

About AppLovin

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.