7,626 Shares in AppLovin Corporation (NASDAQ:APP) Bought by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund bought a new stake in AppLovin Corporation (NASDAQ:APP - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,626 shares of the company's stock, valued at approximately $2,021,000.

A number of other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its stake in AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. SVB Wealth LLC bought a new position in shares of AppLovin in the fourth quarter worth $1,781,922,000. Norges Bank bought a new position in shares of AppLovin in the fourth quarter worth $828,138,000. Arrowstreet Capital Limited Partnership grew its position in shares of AppLovin by 457.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after purchasing an additional 2,373,885 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of AppLovin by 193.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock valued at $882,469,000 after purchasing an additional 1,797,027 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on APP shares. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a report on Thursday. FBN Securities began coverage on AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price target on the stock. UBS Group increased their price target on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. Finally, Benchmark reaffirmed a "buy" rating and set a $525.00 target price 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $438.85.

AppLovin Stock Performance

APP stock traded up $8.65 during trading on Thursday, reaching $347.45. The stock had a trading volume of 5,300,411 shares, compared to its average volume of 6,157,113. The firm has a market cap of $117.57 billion, a PE ratio of 62.72, a PEG ratio of 1.97 and a beta of 2.53. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock's 50 day moving average is $341.63 and its two-hundred day moving average is $333.58. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last issued 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. 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 business's quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.67 earnings per share. As a group, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other news, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the transaction, the director now directly owns 9,510 shares in the company, valued at approximately $3,637,194.60. This represents a 13.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 33,700 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the completion of the transaction, the chief executive officer now owns 2,760,363 shares in the company, valued at $1,009,023,091.02. This represents a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Insiders own 13.66% of the company's stock.

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.