State of New Jersey Common Pension Fund D Has $27.43 Million Stock Position in AppLovin Corporation $APP

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in AppLovin Corporation by 10.8% during the second quarter, bringing its total holdings to 78,365 shares worth approximately $27.43 million.
• Institutional investors own 41.85% of AppLovin stock, with major investments from firms like Vanguard Group and Price T Rowe Associates.
• Analysts have varying ratings for AppLovin, with a consensus rating of "Moderate Buy" and an average price target set at $605.13.

State of New Jersey Common Pension Fund D boosted its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 10.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 78,365 shares of the company's stock after buying an additional 7,626 shares during the period. State of New Jersey Common Pension Fund D's holdings in AppLovin were worth $27,434,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

APP has been the topic of a number of recent research reports. Royal Bank Of Canada initiated coverage on shares of AppLovin in a report on Monday, October 13th. They issued an "outperform" rating and a $700.00 price objective on the stock. Jefferies Financial Group raised their target price on shares of AppLovin from $560.00 to $615.00 and gave the company a "buy" rating in a research note on Friday, September 5th. Weiss Ratings cut shares of AppLovin from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday. Phillip Securities raised shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. Finally, Benchmark raised their target price on shares of AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a research note on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $605.13.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. The trade was a 1.00% 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, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director directly owned 3,150 shares of the company's stock, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. Insiders own 13.66% of the company's stock.

AppLovin Trading Up 5.1%

Shares of AppLovin stock opened at $620.00 on Friday. The firm has a 50-day moving average of $569.09 and a 200-day moving average of $422.86. The stock has a market cap of $209.72 billion, a PE ratio of 88.07, a PEG ratio of 3.20 and a beta of 2.53. AppLovin Corporation has a 52-week low of $158.33 and a 52-week high of $745.61. 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 announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.89 earnings per share. As a group, sell-side analysts forecast that AppLovin Corporation will post 6.87 EPS for the current 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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