Employees Retirement System of Texas Sells 16,852 Shares of AppLovin Co. (NASDAQ:APP)

Employees Retirement System of Texas trimmed its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 19.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. 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 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. JFS Wealth Advisors LLC raised its holdings in AppLovin by 38.2% in the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company's stock valued at $34,000 after buying an additional 29 shares during the last quarter. HighPoint Advisor Group LLC increased its stake in AppLovin by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after purchasing an additional 31 shares in the last quarter. Quadrant Capital Group LLC increased its stake in AppLovin by 6.7% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after purchasing an additional 33 shares in the last quarter. Forum Financial Management LP boosted its holdings in AppLovin by 0.9% during the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares during the last quarter. Finally, Truvestments Capital LLC boosted its holdings in AppLovin by 0.7% during the 4th quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after acquiring an additional 38 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Price Performance

Shares of APP traded up $26.62 during midday trading on Tuesday, hitting $380.91. 7,674,411 shares of the company traded hands, compared to its average volume of 6,062,350. The stock has a 50-day moving average of $293.78 and a 200-day moving average of $326.23. AppLovin Co. has a one year low of $60.67 and a one year high of $525.15. The firm has a market cap of $128.89 billion, a P/E ratio of 83.90, a PEG ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

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. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. AppLovin's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.67 earnings per share. As a group, sell-side analysts predict that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on APP shares. Loop Capital reaffirmed a "buy" rating and set a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. FBN Securities started coverage on shares of AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price target on the stock. Morgan Stanley boosted their price target on shares of AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Arete Research set a $200.00 price objective on AppLovin in a research note on Wednesday, March 5th. Finally, Piper Sandler upped their price objective on AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $433.85.

Insiders Place Their Bets

In other news, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now owns 621,209 shares of the company's stock, valued at approximately $201,675,501.85. This represents a 24.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the sale, the chief technology officer now directly owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. This trade represents a 16.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,233,254 shares of company stock valued at $446,927,149 over the last quarter. 14.69% of the stock is owned by corporate 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.