AppLovin Corporation $APP Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its position in shares of AppLovin Corporation (NASDAQ:APP) by 44.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 88,578 shares of the company’s stock after selling 71,290 shares during the period. Teacher Retirement System of Texas’ holdings in AppLovin were worth $63,647,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Versant Capital Management Inc grew its position in shares of AppLovin by 2.8% during the 3rd quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock valued at $504,000 after acquiring an additional 19 shares during the period. Optas LLC boosted its position in AppLovin by 2.5% during the third quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after purchasing an additional 21 shares in the last quarter. Bartlett & CO. Wealth Management LLC boosted its position in AppLovin by 19.6% during the third quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock worth $96,000 after purchasing an additional 22 shares in the last quarter. Avestar Capital LLC grew its holdings in AppLovin by 2.1% in the second quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock valued at $391,000 after purchasing an additional 23 shares during the period. Finally, Proffitt & Goodson Inc. increased its position in shares of AppLovin by 65.7% in the third quarter. Proffitt & Goodson Inc. now owns 58 shares of the company’s stock valued at $42,000 after buying an additional 23 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Zacks Research upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Oppenheimer set a $740.00 target price on shares of AppLovin in a research report on Tuesday, October 7th. Bank of America raised their price target on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Scotiabank lifted their price objective on AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $706.76.

AppLovin Stock Down 2.0%

Shares of NASDAQ APP opened at $521.94 on Friday. AppLovin Corporation has a 12-month low of $200.50 and a 12-month high of $745.61. The stock has a market cap of $176.39 billion, a PE ratio of 63.34, a P/E/G ratio of 1.76 and a beta of 2.50. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38. The company has a 50-day moving average of $635.46 and a 200 day moving average of $558.09.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The business’s revenue was up 68.2% on a year-over-year basis. During the same period last year, the company posted $1.29 EPS. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 30,888 shares of AppLovin stock in a transaction on Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the transaction, the chief executive officer owned 2,553,161 shares in the company, valued at $1,328,384,136.69. The trade was a 1.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eduardo Vivas sold 150,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the completion of the sale, the director directly owned 7,133,292 shares of the company’s stock, valued at $4,643,131,095.72. This represents a 2.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 340,336 shares of company stock worth $200,062,623. 13.66% of the stock is owned by corporate insiders.

AppLovin Company Profile

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.