California State Teachers Retirement System Buys 177,668,406 Shares of AppLovin Corporation $APP

Key Points

• CalSTRS dramatically increased its AppLovin stake, purchasing 177.7 million additional shares in the second quarter and reporting ownership of approximately 53.2% of the company, valued at $91.7 billion.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $538.61, although several firms recently lowered their targets.
• AppLovin reported quarterly earnings of $3.76 per share and $1.92 billion in revenue, while revenue increased 52.8% year over year; the stock opened at $320.56, well below its 52-week high of $745.61.

California State Teachers Retirement System boosted its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 50,874.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 178,017,633 shares of the company's stock after buying an additional 177,668,406 shares during the quarter. California State Teachers Retirement System owned approximately 53.20% of AppLovin worth $91,720,025,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of APP. Greenland Capital Management LP bought a new stake in AppLovin in the second quarter valued at $548,000. Washington Trust Advisors Inc. raised its holdings in AppLovin by 30.9% in the 2nd quarter. Washington Trust Advisors Inc. now owns 144 shares of the company's stock worth $74,000 after purchasing an additional 34 shares in the last quarter. Ameritas Advisory Services LLC raised its holdings in AppLovin by 161.2% in the 2nd quarter. Ameritas Advisory Services LLC now owns 2,131 shares of the company's stock worth $1,098,000 after purchasing an additional 1,315 shares in the last quarter. Wedmont Private Capital lifted its position in shares of AppLovin by 0.7% in the 2nd quarter. Wedmont Private Capital now owns 7,624 shares of the company's stock worth $3,865,000 after purchasing an additional 54 shares during the period. Finally, HB Wealth Management LLC lifted its position in shares of AppLovin by 2.1% in the 2nd quarter. HB Wealth Management LLC now owns 7,355 shares of the company's stock worth $3,790,000 after purchasing an additional 150 shares during the period. Institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

APP has been the topic of several research analyst reports. Wedbush reduced their price target on shares of AppLovin from $640.00 to $610.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of AppLovin from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 6th. Phillip Securities raised AppLovin from a "moderate buy" rating to a "strong-buy" rating in a research report on Tuesday, August 11th. Morgan Stanley reduced their target price on AppLovin from $720.00 to $650.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Finally, The Goldman Sachs Group decreased their target price on AppLovin from $585.00 to $465.00 and set a "neutral" rating for the company in a research report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $538.61.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $320.56 on Monday. AppLovin Corporation has a 1 year low of $297.50 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. The firm has a 50-day moving average of $394.59 and a 200 day moving average of $440.62. The stock has a market cap of $107.28 billion, a P/E ratio of 24.64, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts' consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The business had revenue of $1.92 billion for the quarter, compared to analysts' expectations of $1.94 billion. During the same quarter in the prior year, the company earned $2.39 earnings per share. The business's revenue was up 52.8% compared to the same quarter last year. As a group, sell-side analysts expect that AppLovin Corporation will post 15.53 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director G Jr sold 3,076 shares of the business's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director directly owned 120,444 shares of the company's stock, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares of the company's stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 271,152 shares of company stock worth $135,295,830. 12.81% of the stock is owned by insiders.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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