State of New Jersey Common Pension Fund D Trims Stock Position in AppLovin Corporation $APP

Key Points

• The State of New Jersey Common Pension Fund D sold 6,012 shares of AppLovin Corporation, reducing its position by 7.8%, with holdings now valued at approximately $18.74 million.
• Institutional investors own 41.85% of AppLovin stock, with several firms, including Dynasty Wealth Management and Vanguard Group, significantly increasing their positions recently.
• AppLovin reported $2.26 EPS for the last quarter, exceeding estimates, but it saw a revenue miss against expectations, highlighting potential concerns in its performance.

State of New Jersey Common Pension Fund D lowered its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,739 shares of the company's stock after selling 6,012 shares during the period. State of New Jersey Common Pension Fund D's holdings in AppLovin were worth $18,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Revolve Wealth Partners LLC purchased a new stake in AppLovin in the fourth quarter worth about $294,000. Rockefeller Capital Management L.P. purchased a new stake in shares of AppLovin during the fourth quarter valued at about $3,996,000. Jump Financial LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at about $1,242,000. United Capital Financial Advisors LLC lifted its position in shares of AppLovin by 69.8% during the fourth quarter. United Capital Financial Advisors LLC now owns 7,359 shares of the company's stock valued at $2,383,000 after buying an additional 3,026 shares during the last quarter. Finally, Main Street Financial Solutions LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at about $226,000. Institutional investors own 41.85% of the company's stock.

AppLovin Stock Performance

Shares of NASDAQ:APP traded down $25.94 during trading on Tuesday, reaching $412.60. The company had a trading volume of 5,082,634 shares, compared to its average volume of 7,116,050. The firm has a market capitalization of $139.56 billion, a price-to-earnings ratio of 58.61, a price-to-earnings-growth ratio of 2.45 and a beta of 2.43. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The stock's fifty day moving average price is $371.92 and its 200 day moving average price is $343.39. AppLovin Corporation has a fifty-two week low of $82.51 and a fifty-two week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. AppLovin's quarterly revenue was up 77.1% on a year-over-year basis. As a group, equities research analysts predict that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total value of $58,250,000.00. Following the sale, the director owned 7,283,292 shares of the company's stock, valued at approximately $3,394,014,072. This represents a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Herald Y. Chen sold 49,800 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $436.08, for a total value of $21,716,784.00. Following the completion of the sale, the director directly owned 140,000 shares in the company, valued at $61,051,200. This trade represents a 26.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,128,813 shares of company stock valued at $487,483,265. Insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on APP shares. Piper Sandler increased their price target on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. BTIG Research raised their price target on shares of AppLovin from $480.00 to $483.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Benchmark reaffirmed a "buy" rating and issued a $525.00 target price on shares of AppLovin in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised their price objective on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company raised their price objective on AppLovin from $405.00 to $480.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $472.33.

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.