New York State Common Retirement Fund Cuts Stock Holdings in AppLovin Co. (NASDAQ:APP)

New York State Common Retirement Fund lessened its stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 18.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 154,395 shares of the company's stock after selling 35,134 shares during the period. New York State Common Retirement Fund's holdings in AppLovin were worth $6,153,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. bought a new stake in AppLovin in the third quarter worth about $237,000. Robeco Institutional Asset Management B.V. purchased a new position in AppLovin during the 3rd quarter valued at $45,000. Raymond James & Associates grew its position in AppLovin by 88.6% in the 3rd quarter. Raymond James & Associates now owns 927,907 shares of the company's stock valued at $37,079,000 after acquiring an additional 435,792 shares during the last quarter. Bank of New York Mellon Corp increased its stake in AppLovin by 5.0% in the third quarter. Bank of New York Mellon Corp now owns 709,140 shares of the company's stock worth $28,337,000 after purchasing an additional 34,067 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of AppLovin by 23.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,259 shares of the company's stock worth $1,209,000 after purchasing an additional 5,807 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Daiwa Capital Markets began coverage on shares of AppLovin in a research note on Monday, April 15th. They issued a "neutral" rating and a $80.00 price target on the stock. TheStreet raised shares of AppLovin from a "d+" rating to a "c-" rating in a research report on Friday, March 8th. BTIG Research lifted their price target on shares of AppLovin from $65.00 to $87.00 and gave the company a "buy" rating in a research note on Tuesday, April 9th. Wedbush raised their price objective on AppLovin from $67.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, April 11th. Finally, Jefferies Financial Group began coverage on AppLovin in a report on Thursday. They issued a "buy" rating and a $93.00 target price for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.60.

AppLovin Stock Performance

Shares of NASDAQ APP traded up $2.60 during midday trading on Friday, reaching $75.07. 2,974,643 shares of the stock were exchanged, compared to its average volume of 3,375,075. 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 firm has a market cap of $25.67 billion, a price-to-earnings ratio of 75.07, a PEG ratio of 1.44 and a beta of 1.85. The firm has a 50-day simple moving average of $68.59 and a two-hundred day simple moving average of $51.10. AppLovin Co. has a twelve month low of $16.56 and a twelve month high of $79.55.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.35 by $0.14. The company had revenue of $953.26 million for the quarter, compared to analyst estimates of $928.66 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm's revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.21) earnings per share. As a group, analysts anticipate that AppLovin Co. will post 2.52 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total value of $166,926.40. Following the sale, the insider now owns 546,560 shares in the company, valued at $31,569,305.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Matthew Stumpf sold 2,775 shares of the company's stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $63.30, for a total value of $175,657.50. Following the completion of the sale, the chief financial officer now owns 362,264 shares of the company's stock, valued at $22,931,311.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the transaction, the insider now directly owns 546,560 shares in the company, valued at $31,569,305.60. The disclosure for this sale can be found here. Insiders sold a total of 61,215 shares of company stock valued at $4,416,815 in the last three months. 12.43% of the stock is currently owned by company insiders.

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.