California Public Employees Retirement System Increases Stock Holdings in AppLovin Co. (NASDAQ:APP)

California Public Employees Retirement System increased its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 4.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 406,300 shares of the company's stock after purchasing an additional 17,604 shares during the period. California Public Employees Retirement System owned approximately 0.12% of AppLovin worth $16,191,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. BluePath Capital Management LLC acquired a new stake in shares of AppLovin in the third quarter valued at $33,000. Castleview Partners LLC bought a new position in AppLovin during the third quarter worth about $38,000. Cullen Frost Bankers Inc. bought a new stake in AppLovin during the 3rd quarter worth approximately $44,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of AppLovin during the third quarter worth $45,000. Finally, Lindbrook Capital LLC raised its stake in shares of AppLovin by 26.6% in the 4th quarter. Lindbrook Capital LLC now owns 1,337 shares of the company's stock valued at $53,000 after purchasing an additional 281 shares during the period. 41.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Craig Scott Billings sold 5,550 shares of the firm's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total value of $323,731.50. Following the transaction, the director now owns 12,739 shares of the company's stock, valued at approximately $743,065.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Craig Scott Billings sold 5,550 shares of the business's stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $58.33, for a total value of $323,731.50. Following the completion of the transaction, the director now directly owns 12,739 shares of the company's stock, valued at approximately $743,065.87. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the completion of the transaction, the insider now directly owns 471,560 shares in the company, valued at approximately $35,371,715.60. The disclosure for this sale can be found here. Insiders sold a total of 61,215 shares of company stock worth $4,416,815 over the last three months. 12.43% of the stock is owned by insiders.

AppLovin Stock Performance

APP traded down $2.42 during trading on Tuesday, hitting $70.57. The company's stock had a trading volume of 3,680,913 shares, compared to its average volume of 4,084,601. The firm has a market cap of $24.13 billion, a PE ratio of 72.99, a P/E/G ratio of 1.48 and a beta of 1.90. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The business's 50 day simple moving average is $67.39 and its 200-day simple moving average is $50.34. AppLovin Co. has a one year low of $15.70 and a one year high of $79.55.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.14. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The company had revenue of $953.26 million for the quarter, compared to the consensus estimate of $928.66 million. During the same quarter last year, the company earned ($0.21) EPS. The firm's quarterly revenue was up 35.7% on a year-over-year basis. As a group, sell-side analysts predict that AppLovin Co. will post 2.49 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on APP shares. The Goldman Sachs Group raised their price target on AppLovin from $59.00 to $73.00 and gave the company a "buy" rating in a research note on Thursday, February 15th. Wedbush lifted their target price on AppLovin from $67.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, April 11th. UBS Group increased their price target on AppLovin from $46.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, February 15th. Oppenheimer boosted their target price on shares of AppLovin from $70.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday, April 8th. Finally, Morgan Stanley upped their price objective on AppLovin from $55.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, AppLovin has a consensus rating of "Moderate Buy" and a consensus price target of $59.31.

AppLovin 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.