Public Employees Retirement System of Ohio Raises Stake in AppLovin Co. (NASDAQ:APP)

Public Employees Retirement System of Ohio increased its holdings in AppLovin Co. (NASDAQ:APP - Free Report) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 98,696 shares of the company's stock after buying an additional 2,990 shares during the quarter. Public Employees Retirement System of Ohio's holdings in AppLovin were worth $31,961,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Barclays PLC increased its stake in shares of AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company's stock worth $41,643,000 after acquiring an additional 153,248 shares during the period. Tcfg Wealth Management LLC acquired a new position in AppLovin during the fourth quarter valued at $369,000. Caprock Group LLC boosted its holdings in AppLovin by 42.2% in the fourth quarter. Caprock Group LLC now owns 42,146 shares of the company's stock valued at $13,648,000 after purchasing an additional 12,500 shares during the last quarter. Capital Advisory Group Advisory Services LLC acquired a new stake in AppLovin during the 4th quarter worth about $213,000. Finally, Jennison Associates LLC acquired a new stake in AppLovin during the 4th quarter worth about $414,462,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 44,400 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $410.89, for a total value of $18,243,516.00. Following the completion of the sale, the chief executive officer now directly owns 2,869,492 shares of the company's stock, valued at $1,179,045,567.88. This trade represents a 1.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 570 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $371.12, for a total transaction of $211,538.40. Following the transaction, the director now directly owns 6,231 shares in the company, valued at approximately $2,312,448.72. The trade was a 8.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,277,654 shares of company stock valued at $465,170,665. Corporate insiders own 14.69% of the company's stock.

Wall Street Analyst Weigh In

APP has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on AppLovin from $270.00 to $355.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Bank of America boosted their price target on AppLovin from $375.00 to $580.00 and gave the company a "buy" rating in a report on Thursday, February 13th. The Goldman Sachs Group raised their price objective on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Citigroup lifted their target price on shares of AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Finally, HSBC set a $436.00 target price on shares of AppLovin and gave the company a "buy" rating in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $433.85.

AppLovin Stock Up 0.8%

Shares of APP opened at $354.29 on Friday. The stock has a 50 day moving average price of $292.64 and a 200 day moving average price of $324.15. AppLovin Co. has a one year low of $60.67 and a one year high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a market capitalization of $119.89 billion, a price-to-earnings ratio of 78.04, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (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 analyst estimates of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 earnings per share. Equities research analysts forecast that AppLovin Co. will post 6.87 earnings per share 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.

Want to see what other hedge funds are holding APP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AppLovin Co. (NASDAQ:APP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.