Teacher Retirement System of Texas boosted its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 44.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,120 shares of the company's stock after buying an additional 26,727 shares during the period. Teacher Retirement System of Texas' holdings in AppLovin were worth $23,084,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of APP. FMR LLC lifted its stake in AppLovin by 75.5% during the fourth quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. Geode Capital Management LLC increased its holdings in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock worth $1,462,144,000 after buying an additional 573,310 shares during the last quarter. Invesco Ltd. increased its holdings in AppLovin by 68.0% in the fourth quarter. Invesco Ltd. now owns 3,018,990 shares of the company's stock worth $977,639,000 after buying an additional 1,222,074 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in AppLovin by 193.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock valued at $882,469,000 after purchasing an additional 1,797,027 shares during the last quarter. Institutional investors own 41.85% of the company's stock.
Insider Transactions at AppLovin
In related news, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the sale, the chief technology officer owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the sale, the director directly owned 221,209 shares in the company, valued at approximately $82,867,103.49. The trade was a 64.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock worth $455,062,980 over the last quarter. 13.66% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on APP shares. UBS Group increased their price objective on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Oppenheimer reissued an "outperform" rating and set a $500.00 price objective (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Piper Sandler reissued an "overweight" rating and set a $470.00 price objective (up from $455.00) on shares of AppLovin in a report on Thursday, June 26th. Wedbush upgraded AppLovin to a "strong-buy" rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. lifted their price objective on AppLovin from $355.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $438.85.
View Our Latest Stock Report on AppLovin
AppLovin Trading Up 1.3%
Shares of AppLovin stock opened at $340.24 on Friday. The stock has a fifty day simple moving average of $352.35 and a 200 day simple moving average of $333.89. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The company has a market capitalization of $115.13 billion, a P/E ratio of 61.42, a price-to-earnings-growth ratio of 2.04 and a beta of 2.42.
AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The business's revenue was up 40.3% on a year-over-year basis. On average, sell-side analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.
About AppLovin
(
Free Report)
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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