Arizona State Retirement System Purchases 912 Shares of AppLovin Corporation (NASDAQ:APP)

Arizona State Retirement System boosted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 1.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,270 shares of the company's stock after acquiring an additional 912 shares during the period. Arizona State Retirement System's holdings in AppLovin were worth $16,235,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fuller & Thaler Asset Management Inc. bought a new stake in AppLovin during the 4th quarter worth approximately $25,000. Tucker Asset Management LLC bought a new stake in AppLovin during the 4th quarter worth approximately $28,000. Atala Financial Inc acquired a new position in AppLovin during the 1st quarter worth $26,000. ORG Wealth Partners LLC bought a new position in AppLovin in the 1st quarter valued at $29,000. Finally, Alpine Bank Wealth Management acquired a new position in AppLovin during the 1st quarter valued at about $27,000. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on APP. Wedbush raised AppLovin to a "strong-buy" rating in a research note on Tuesday, July 1st. FBN Securities began coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target on the stock. Oppenheimer reissued an "outperform" rating and issued a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. Finally, Morgan Stanley boosted their target price on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Stock Performance

AppLovin stock traded down $11.22 during trading hours on Friday, hitting $335.10. The company had a trading volume of 3,575,879 shares, compared to its average volume of 6,254,586. The firm has a 50-day moving average of $358.23 and a 200 day moving average of $334.28. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a market cap of $113.39 billion, a PE ratio of 60.49, a PEG ratio of 2.00 and a beta of 2.42. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period last year, the firm posted $0.67 EPS. On average, sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 34,766 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer directly owned 70,889 shares in the company, valued at approximately $25,069,185.96. This represents a 32.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Barbara Messing sold 1,500 shares of AppLovin stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the completion of the sale, the director owned 9,510 shares of the company's stock, valued at $3,637,194.60. This trade represents a 13.62% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is currently owned by insiders.

AppLovin 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.