New York State Teachers Retirement System Buys 5,644 Shares of AppLovin Corporation $APP

Key Points

• New York State Teachers Retirement System increased its AppLovin stake by 2.6% in the first quarter, buying 5,644 additional shares and lifting its holdings to 221,973 shares valued at about $88.3 million.
• Several other institutional investors also boosted their positions, and overall institutional ownership stands at 41.85%, showing continued interest from large funds.
• AppLovin reported strong quarterly results, beating earnings and revenue estimates, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $668.27.

New York State Teachers Retirement System increased its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 221,973 shares of the company's stock after buying an additional 5,644 shares during the period. New York State Teachers Retirement System owned 0.07% of AppLovin worth $88,345,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sierra Summit Advisors LLC grew its stake in AppLovin by 41.5% in the first quarter. Sierra Summit Advisors LLC now owns 26,162 shares of the company's stock valued at $10,412,000 after acquiring an additional 7,676 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in shares of AppLovin by 1,763.7% during the first quarter. Y Intercept Hong Kong Ltd now owns 43,406 shares of the company's stock valued at $17,276,000 after acquiring an additional 41,077 shares in the last quarter. Leonteq Securities AG raised its position in shares of AppLovin by 142.0% during the first quarter. Leonteq Securities AG now owns 7,218 shares of the company's stock worth $2,873,000 after purchasing an additional 4,235 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of AppLovin by 76.2% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 60,580 shares of the company's stock worth $24,111,000 after purchasing an additional 26,200 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC lifted its holdings in shares of AppLovin by 328.7% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 10,740 shares of the company's stock worth $4,275,000 after purchasing an additional 8,235 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on APP shares. Weiss Ratings lowered shares of AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 7th. Piper Sandler reaffirmed an "overweight" rating on shares of AppLovin in a research note on Tuesday, June 9th. Oppenheimer reduced their price objective on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. Citigroup reissued a "buy" rating on shares of AppLovin in a research report on Monday, June 22nd. Finally, BTIG Research restated a "buy" rating and issued a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and a consensus price target of $668.27.

AppLovin Stock Performance

Shares of APP stock opened at $527.06 on Friday. The firm has a 50-day moving average of $500.97 and a 200-day moving average of $504.62. The company has a market cap of $177.06 billion, a P/E ratio of 45.28, a P/E/G ratio of 0.91 and a beta of 2.49. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a one year low of $325.58 and a one year high of $745.61.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the previous year, the company earned $1.67 earnings per share. The firm's revenue for the quarter was up 58.9% compared to the same quarter last year. Equities research analysts forecast that AppLovin Corporation will post 15.96 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares of the company's stock, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of AppLovin stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the sale, the chief executive officer owned 2,369,351 shares in the company, valued at $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 389,924 shares of company stock worth $195,693,875. 13.66% of the stock is owned by insiders.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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