Teachers Retirement System of The State of Kentucky Acquires 15,541 Shares of AppLovin Corporation $APP

Key Points

• Teachers Retirement System of Kentucky increased its AppLovin stake by 66.9%, adding 15,541 shares to hold 38,785 shares valued at about $26.13 million after the quarter.
• Company insiders have been net sellers recently — CTO Vasily Shikin sold 5,231 shares (~$2.5M) and Director Eduardo Vivas sold 163,910 shares (~$74.3M); insiders sold 365,244 shares worth $169.6M in the last 90 days but still own 13.66% of the stock.
• AppLovin beat quarterly estimates (EPS $3.24 vs. $2.89; revenue $1.66B, +66% YoY) and carries a consensus "Moderate Buy" rating with an average price target of $673.25 while trading near $448.29.

Teachers Retirement System of The State of Kentucky boosted its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 66.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,785 shares of the company's stock after purchasing an additional 15,541 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in AppLovin were worth $26,134,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. CBIZ Investment Advisory Services LLC boosted its stake in AppLovin by 58.6% in the 3rd 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 period. Redhawk Wealth Advisors Inc. boosted its stake in AppLovin by 2.9% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company's stock worth $431,000 after purchasing an additional 18 shares during the period. Versant Capital Management Inc boosted its stake in AppLovin by 2.8% in the 3rd quarter. Versant Capital Management Inc now owns 701 shares of the company's stock worth $504,000 after purchasing an additional 19 shares during the period. Claro Advisors LLC boosted its position in shares of AppLovin by 3.2% during the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company's stock valued at $465,000 after acquiring an additional 20 shares during the last quarter. Finally, Strategic Advocates LLC boosted its position in shares of AppLovin by 0.8% during the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company's stock valued at $1,851,000 after acquiring an additional 21 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 5,231 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the sale, the chief technology officer owned 30,658 shares in the company, valued at approximately $14,638,275.26. This represents a 14.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the stock in a transaction on 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 sale, the director owned 6,969,382 shares in the company, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 365,244 shares of company stock worth $169,584,607. Company insiders own 13.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on APP shares. Needham & Company LLC reiterated a "buy" rating and set a $700.00 target price on shares of AppLovin in a research report on Wednesday, March 11th. Wedbush increased their target price on AppLovin from $465.00 to $640.00 and gave the company an "outperform" rating in a research report on Thursday, February 12th. Zacks Research downgraded AppLovin from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 12th. Oppenheimer lowered their target price on AppLovin from $740.00 to $660.00 and set an "outperform" rating for the company in a research report on Thursday, March 5th. Finally, BTIG Research lowered their target price on AppLovin from $771.00 to $640.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $673.25.

AppLovin Stock Down 1.3%

NASDAQ APP opened at $448.29 on Friday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 3.32 and a current ratio of 3.32. The company has a market capitalization of $151.20 billion, a P/E ratio of 45.98, a P/E/G ratio of 0.79 and a beta of 2.50. AppLovin Corporation has a one year low of $246.00 and a one year high of $745.61. The stock has a 50 day moving average price of $433.47 and a 200-day moving average price of $540.02.

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