California Public Employees Retirement System Acquires 24,004 Shares of AppLovin Corporation $APP

California Public Employees Retirement System boosted its holdings in AppLovin Corporation (NASDAQ:APP) by 5.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 488,574 shares of the company’s stock after purchasing an additional 24,004 shares during the quarter. California Public Employees Retirement System’s holdings in AppLovin were worth $194,452,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in APP. Kesler Norman & Wride LLC boosted its position in shares of AppLovin by 7.7% in the 1st quarter. Kesler Norman & Wride LLC now owns 2,827 shares of the company’s stock worth $1,125,000 after purchasing an additional 203 shares in the last quarter. Gallacher Capital Management LLC bought a new position in AppLovin during the 1st quarter valued at approximately $221,000. Angeles Wealth Management LLC raised its stake in AppLovin by 32.9% during the first quarter. Angeles Wealth Management LLC now owns 852 shares of the company’s stock valued at $339,000 after buying an additional 211 shares during the last quarter. AXS Investments LLC raised its stake in AppLovin by 18.6% during the first quarter. AXS Investments LLC now owns 5,349 shares of the company’s stock valued at $2,129,000 after buying an additional 837 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in AppLovin by 2.5% in the first quarter. Bessemer Group Inc. now owns 122,924 shares of the company’s stock worth $48,923,000 after acquiring an additional 2,984 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

APP has been the subject of several analyst reports. Citigroup restated a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. Wedbush reaffirmed an “outperform” rating and issued a $640.00 target price on shares of AppLovin in a report on Thursday, May 7th. Finally, Raymond James Financial started coverage on shares of AppLovin in a research note on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $668.45.

AppLovin Trading Down 2.3%

Shares of NASDAQ:APP opened at $424.54 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. AppLovin Corporation has a 1 year low of $343.00 and a 1 year high of $745.61. The company has a market cap of $142.62 billion, a P/E ratio of 36.47, a PEG ratio of 0.69 and a beta of 2.49. The stock’s fifty day moving average price is $506.01 and its 200-day moving average price is $489.19.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.AppLovin’s revenue was up 58.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.67 EPS. Sell-side analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current year.

Insider Activity

In related news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares of the company’s stock, valued at $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Arash Adam Foroughi sold 33,042 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the completion of the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at approximately $1,153,755,469.45. This represents a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 393,000 shares of company stock worth $197,297,363. Insiders own 13.66% of the company’s stock.

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.