Strs Ohio Invests $86.17 Million in AppLovin Corporation $APP

Key Points

• Strs Ohio made a new investment of approximately $86.17 million in AppLovin Corporation by purchasing 325,217 shares, representing about 0.10% of the company.
• Insider transactions included significant sales, with Director Eduardo Vivas selling 125,000 shares valued at over $58 million, indicating a 1.69% decrease in ownership.
• Analysts have varied ratings for AppLovin, with an average target price currently set at $482.86, showing a mix of optimism and caution among brokerages.

Strs Ohio bought a new position in AppLovin Corporation (NASDAQ:APP - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 325,217 shares of the company's stock, valued at approximately $86,173,000. Strs Ohio owned about 0.10% of AppLovin as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Advisors Capital Management LLC bought a new stake in shares of AppLovin in the 1st quarter worth about $3,373,000. McAdam LLC increased its holdings in shares of AppLovin by 54.6% in the 1st quarter. McAdam LLC now owns 1,940 shares of the company's stock worth $514,000 after buying an additional 685 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of AppLovin by 65.6% in the 1st quarter. Acadian Asset Management LLC now owns 17,960 shares of the company's stock worth $4,752,000 after buying an additional 7,113 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of AppLovin by 285.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,398 shares of the company's stock worth $1,165,000 after buying an additional 3,258 shares during the last quarter. Finally, Intech Investment Management LLC increased its holdings in shares of AppLovin by 24.2% in the 1st quarter. Intech Investment Management LLC now owns 84,364 shares of the company's stock worth $22,354,000 after buying an additional 16,419 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on APP. Wedbush boosted their target price on shares of AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a report on Friday. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Scotiabank reissued an "outperform" rating on shares of AppLovin in a research report on Thursday, August 28th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Finally, Zacks Research raised shares of AppLovin to a "strong-buy" rating in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $487.86.

AppLovin Stock Performance

AppLovin stock traded up $10.69 during mid-day trading on Friday, reaching $582.00. 6,725,840 shares of the company traded hands, compared to its average volume of 5,778,341. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a fifty-two week low of $105.94 and a fifty-two week high of $587.88. The company has a market capitalization of $196.86 billion, a price-to-earnings ratio of 82.67, a price-to-earnings-growth ratio of 3.19 and a beta of 2.44. The firm's fifty day moving average is $424.50 and its two-hundred day moving average is $353.48.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly 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. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business 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 business posted $0.89 EPS. AppLovin's revenue for the quarter was up 77.1% compared to the same quarter last year. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the sale, the director owned 7,283,292 shares in the company, valued at $3,394,014,072. The trade was a 1.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last three months. 13.66% of the stock is owned by company insiders.

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.