Strs Ohio Sells 55,177 Shares of AppLovin Corporation $APP

Key Points

• Strs Ohio trimmed its stake in AppLovin by 18% in Q4, selling 55,177 shares and now holds 251,727 shares, making the stock its 21st largest position.
• Heavy insider selling: CEO Arash Foroughi sold 50,000 shares (~$23.3M) and director Eduardo Vivas sold 163,910 shares (~$74.3M), with insiders selling 365,244 shares worth about $169.6M over the past 90 days while still owning 13.66% of the company.
• Analysts and results: AppLovin has a consensus "Moderate Buy" rating with a $673.25 target, and recently beat quarterly estimates (EPS $3.24 vs $2.89) as revenue rose 66% year-over-year to $1.66B.

Strs Ohio trimmed its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 18.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 251,727 shares of the company's stock after selling 55,177 shares during the period. AppLovin comprises about 0.6% of Strs Ohio's investment portfolio, making the stock its 21st largest position. Strs Ohio owned 0.07% of AppLovin worth $169,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Board of the Pension Protection Fund bought a new stake in AppLovin in the fourth quarter valued at $27,000. Chilton Capital Management LLC bought a new stake in AppLovin in the third quarter valued at $29,000. Activest Wealth Management grew its position in AppLovin by 760.0% in the third quarter. Activest Wealth Management now owns 43 shares of the company's stock valued at $31,000 after acquiring an additional 38 shares during the period. Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin during the fourth quarter worth $32,000. Finally, CBIZ Investment Advisory Services LLC grew its holdings in shares of AppLovin by 58.6% during the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 17 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on APP shares. BTIG Research decreased their target price on AppLovin from $771.00 to $640.00 and set a "buy" rating on the stock in a report on Thursday, February 12th. Royal Bank Of Canada restated an "outperform" rating and set a $700.00 target price on shares of AppLovin in a report on Thursday, February 12th. Piper Sandler restated an "overweight" rating and set a $650.00 target price (down from $800.00) on shares of AppLovin in a report on Thursday, February 12th. Weiss Ratings cut AppLovin from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, March 10th. Finally, Argus started coverage on AppLovin in a report on Tuesday, April 14th. They set a "buy" rating and a $520.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $673.25.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 50,000 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total value of $23,302,000.00. Following the transaction, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the firm's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director owned 6,969,382 shares in the company, valued at approximately $3,160,545,043.18. This represents a 2.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 365,244 shares of company stock worth $169,584,607 over the last 90 days. Insiders own 13.66% of the company's stock.

AppLovin Price Performance

AppLovin stock opened at $460.00 on Friday. The business's 50-day simple moving average is $437.77 and its 200 day simple moving average is $536.27. The stock has a market cap of $155.15 billion, a price-to-earnings ratio of 47.18, a P/E/G ratio of 0.78 and a beta of 2.37. AppLovin Corporation has a 12-month low of $286.85 and a 12-month high of $745.61. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 1.65.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.35. The business had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.61 billion. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The firm's quarterly revenue was up 66.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.73 earnings per share. As a group, research analysts anticipate that AppLovin Corporation will post 15.72 earnings per share for the current year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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