Public Employees Retirement System of Ohio Acquires Shares of 92,243 AppLovin Corporation $APP

Key Points

• Public Employees Retirement System of Ohio acquired 92,243 AppLovin shares worth approximately $47.5 million in the second quarter. Institutional investors collectively own 41.85% of the company.
• Insiders sold 294,228 shares valued at roughly $148.4 million over the past quarter, including sales by an insider and a director.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $552.74, despite several recent target-price cuts. AppLovin’s latest quarterly revenue rose 52.8% year over year to $1.92 billion, while EPS of $3.76 matched estimates.

Public Employees Retirement System of Ohio acquired a new position in AppLovin Corporation (NASDAQ:APP - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 92,243 shares of the company's stock, valued at approximately $47,526,000.

Several other hedge funds have also modified their holdings of APP. Signature Estate & Investment Advisors LLC increased its position in shares of AppLovin by 3,695.3% during the second quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company's stock valued at $39,345,000 after acquiring an additional 74,349 shares during the last quarter. Insight Wealth Strategies LLC acquired a new position in shares of AppLovin in the 2nd quarter worth approximately $6,939,000. Generate Investment Management Ltd purchased a new position in shares of AppLovin during the 2nd quarter worth approximately $7,226,000. Asset Management One Co. Ltd. boosted its position in shares of AppLovin by 6.5% during the 2nd quarter. Asset Management One Co. Ltd. now owns 105,909 shares of the company's stock worth $54,567,000 after purchasing an additional 6,424 shares during the period. Finally, Fifth Third Bancorp increased its holdings in AppLovin by 312.0% in the 4th quarter. Fifth Third Bancorp now owns 6,123 shares of the company's stock valued at $4,126,000 after purchasing an additional 4,637 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider owned 243,961 shares of the company's stock, valued at $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the transaction, the director owned 120,444 shares of the company's stock, valued at $62,786,252.76. This represents a 2.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 294,228 shares of company stock worth $148,403,985. 12.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Royal Bank Of Canada cut their target price on AppLovin from $700.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Needham & Company LLC cut their price objective on AppLovin from $500.00 to $475.00 and set a "buy" rating on the stock in a report on Wednesday. BTIG Research decreased their target price on AppLovin from $574.00 to $408.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Morgan Stanley lowered their target price on AppLovin from $720.00 to $650.00 and set an "overweight" rating for the company in a report on Thursday, August 6th. Finally, Piper Sandler dropped their target price on AppLovin from $385.00 to $325.00 and set a "neutral" rating for the company in a research report on Friday, August 21st. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and an average target price of $552.74.

AppLovin Stock Up 1.5%

AppLovin stock opened at $312.63 on Friday. The firm has a market capitalization of $104.62 billion, a P/E ratio of 24.03, a P/E/G ratio of 0.62 and a beta of 2.54. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin Corporation has a twelve month low of $297.50 and a twelve month high of $745.61. The stock's fifty day simple moving average is $412.57 and its 200-day simple moving average is $445.16.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the business posted $2.39 earnings per share. AppLovin's revenue was up 52.8% compared to the same quarter last year. As a group, equities analysts expect that AppLovin Corporation will post 15.53 earnings per share for the current fiscal year.

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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