Maryland State Retirement & Pension System Has $4.06 Million Stake in AppLovin Corporation $APP

Key Points

• Maryland State Retirement & Pension System reduced its stake in AppLovin Corporation by 5.5%, resulting in ownership of 11,588 shares valued at approximately $4.06 million as of the latest SEC filing.
• Wall Street analysts have shown positive sentiments towards AppLovin, with several firms raising their target prices and a consensus rating of "Moderate Buy", indicating confidence in the company's future performance.
• Insider trading activity has been significant, with two directors selling a total of 35,350 shares recently, leading to a 13.66% ownership by company insiders following these transactions.

Maryland State Retirement & Pension System decreased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 5.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,588 shares of the company's stock after selling 672 shares during the quarter. Maryland State Retirement & Pension System's holdings in AppLovin were worth $4,057,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of APP. Atala Financial Inc acquired a new stake in shares of AppLovin during the 1st quarter worth approximately $26,000. Hilltop National Bank acquired a new stake in shares of AppLovin during the 2nd quarter worth approximately $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin in the 1st quarter worth $27,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin in the 1st quarter worth $29,000. Finally, Bartlett & CO. Wealth Management LLC bought a new position in shares of AppLovin in the 1st quarter worth $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

APP has been the topic of a number of recent research reports. Benchmark increased their target price on AppLovin from $525.00 to $640.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of AppLovin in a report on Wednesday. Wedbush increased their target price on AppLovin from $725.00 to $745.00 and gave the stock an "outperform" rating in a report on Monday. BTIG Research increased their target price on AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Finally, Wall Street Zen cut AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $597.38.

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 350 shares of AppLovin stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the sale, the director directly owned 3,150 shares in the company, valued at $1,537,105.50. The trade was a 10.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the sale, the insider owned 269,955 shares in the company, valued at $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by company insiders.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $600.32 on Friday. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock's fifty day simple moving average is $533.82 and its two-hundred day simple moving average is $399.03. AppLovin Corporation has a 1-year low of $139.40 and a 1-year high of $745.61. The stock has a market cap of $203.06 billion, a PE ratio of 85.27, a price-to-earnings-growth ratio of 3.45 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same period last year, the business earned $0.89 EPS. The business's revenue was up 77.1% on a year-over-year basis. As a group, analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal 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.

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