Employees Retirement System of Texas Decreases Stock Position in AppLovin Co. (NASDAQ:APP)

Employees Retirement System of Texas decreased its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 19.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 68,760 shares of the company's stock after selling 16,852 shares during the quarter. Employees Retirement System of Texas' holdings in AppLovin were worth $22,267,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of APP. GHP Investment Advisors Inc. purchased a new stake in AppLovin during the 4th quarter worth approximately $25,000. Fuller & Thaler Asset Management Inc. purchased a new stake in AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co increased its stake in AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after buying an additional 82 shares in the last quarter. Tucker Asset Management LLC purchased a new stake in AppLovin during the 4th quarter worth approximately $28,000. Finally, Hemington Wealth Management increased its stake in AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company's stock worth $29,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on APP shares. Jefferies Financial Group boosted their price objective on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Bank of America upped their price target on AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. The Goldman Sachs Group upped their price target on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Wells Fargo & Company upped their price target on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Finally, Arete Research set a $200.00 price target on AppLovin in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, AppLovin currently has a consensus rating of "Moderate Buy" and an average target price of $433.85.

Insiders Place Their Bets

In related news, insider Victoria Valenzuela sold 6,599 shares of AppLovin stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $369.35, for a total value of $2,437,340.65. Following the completion of the transaction, the insider now directly owns 344,256 shares in the company, valued at approximately $127,150,953.60. This trade represents a 1.88% decrease in their ownership of the stock. The transaction 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 AppLovin stock in a transaction on 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 transaction, the director now owns 221,209 shares of the company's stock, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,233,254 shares of company stock worth $446,927,149 over the last ninety days. Corporate insiders own 14.69% of the company's stock.

AppLovin Trading Up 2.5%

NASDAQ:APP traded up $9.35 during trading hours on Wednesday, reaching $390.26. 6,747,003 shares of the stock were exchanged, compared to its average volume of 6,065,085. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The business has a 50-day moving average of $295.26 and a two-hundred day moving average of $326.61. AppLovin Co. has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a market capitalization of $132.06 billion, a price-to-earnings ratio of 85.96, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the firm earned $0.67 earnings per share. The firm's revenue was up 40.3% compared to the same quarter last year. On average, equities analysts predict that AppLovin Co. will post 6.87 EPS for the current year.

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.