Public Employees Retirement System of Ohio Purchases 5,006 Shares of AppLovin Corporation $APP

Key Points

• The Public Employees Retirement System of Ohio increased its stake in AppLovin Corporation by 5.3%, acquiring an additional 5,006 shares in the second quarter, bringing their total holdings to 99,619 shares valued at approximately $34.9 million.
• AppLovin reported $2.26 earnings per share (EPS) for the latest quarter, surpassing expectations of $2.05 EPS, although revenue fell short of estimates at $1.26 billion.
• Research analysts are optimistic about AppLovin's stock with two designating it as Strong Buy and eighteen as Buy, reflected in an average rating of Moderate Buy and a consensus target price of $513.38.

Public Employees Retirement System of Ohio increased its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 5.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 99,619 shares of the company's stock after purchasing an additional 5,006 shares during the period. Public Employees Retirement System of Ohio's holdings in AppLovin were worth $34,875,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the period. Baillie Gifford & Co. boosted its stake in AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Invesco Ltd. boosted its stake in AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock worth $1,062,876,000 after purchasing an additional 992,316 shares during the period. Finally, Kensico Capital Management Corp boosted its stake in AppLovin by 12.9% in the 1st quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company's stock worth $762,849,000 after purchasing an additional 328,000 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Trading Down 1.4%

Shares of NASDAQ:APP opened at $641.92 on Thursday. AppLovin Corporation has a 52-week low of $125.62 and a 52-week high of $670.19. The company has a market capitalization of $217.13 billion, a P/E ratio of 91.18, a price-to-earnings-growth ratio of 3.61 and a beta of 2.44. The company has a 50-day simple moving average of $468.97 and a 200 day simple moving average of $370.86. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

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

Analyst Ratings Changes

APP has been the subject of a number of research analyst reports. Oppenheimer upped their target price on shares of AppLovin from $500.00 to $740.00 and gave the stock an "outperform" rating in a research note on Tuesday. Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a research note on Thursday, August 28th. Piper Sandler increased their price objective on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Citigroup restated a "buy" rating on shares of AppLovin in a research note on Thursday, May 29th. Finally, Wells Fargo & Company increased their price objective on shares of AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a research note on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, AppLovin has an average rating of "Moderate Buy" and a consensus target price of $513.38.

Insider Activity

In related news, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $487.97, for a total value of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares in the company, valued at approximately $1,537,105.50. This trade represents a 10.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares of the company's stock, valued at $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Company insiders own 13.66% of the company's stock.

About AppLovin

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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