Illinois Municipal Retirement Fund Decreases Stake in AppLovin Corporation (NASDAQ:APP)

Illinois Municipal Retirement Fund decreased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,272 shares of the company's stock after selling 873 shares during the quarter. Illinois Municipal Retirement Fund's holdings in AppLovin were worth $12,261,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. FMR LLC lifted its holdings in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after buying an additional 5,957,885 shares during the period. SVB Wealth LLC acquired a new position in AppLovin during the 4th quarter worth about $1,781,922,000. Geode Capital Management LLC lifted its holdings in AppLovin by 14.5% during the 4th 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 period. Invesco Ltd. lifted its holdings in AppLovin by 68.0% during the 4th 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 period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock worth $936,888,000 after buying an additional 2,373,885 shares during the period. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 9,714 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $423.00, for a total value of $4,109,022.00. Following the completion of the sale, the chief financial officer now owns 192,421 shares in the company, valued at $81,394,083. This represents a 4.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction on 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 now owns 9,510 shares of the company's stock, valued at approximately $3,637,194.60. The trade was a 13.62% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company's stock.

AppLovin Stock Down 3.9%

APP stock traded down $13.67 during midday trading on Friday, reaching $333.78. 18,524,276 shares of the company's stock traded hands, compared to its average volume of 6,199,642. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The firm's fifty day moving average price is $343.55 and its 200-day moving average price is $333.63. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a market cap of $112.95 billion, a price-to-earnings ratio of 60.25, a P/E/G ratio of 1.94 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period last year, the company earned $0.67 earnings per share. The business's revenue was up 40.3% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Analysts Set New Price Targets

APP has been the topic of several recent research reports. HSBC set a $436.00 target price on AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. 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. Benchmark restated a "buy" rating and set a $525.00 target price on shares of AppLovin in a research report on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research note on Thursday. Finally, Oppenheimer reiterated an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $438.85.

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.