California State Teachers Retirement System Grows Position in AppLovin Co. (NASDAQ:APP)

California State Teachers Retirement System raised its position in shares of AppLovin Co. (NASDAQ:APP) by 47.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 241,197 shares of the company’s stock after buying an additional 77,914 shares during the period. California State Teachers Retirement System owned about 0.07% of AppLovin worth $16,696,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. bought a new position in AppLovin in the 4th quarter worth $237,000. Blue Trust Inc. lifted its holdings in AppLovin by 2,032.0% in the fourth quarter. Blue Trust Inc. now owns 2,132 shares of the company’s stock worth $85,000 after buying an additional 2,032 shares during the period. Arizona State Retirement System grew its holdings in shares of AppLovin by 2.1% during the 4th quarter. Arizona State Retirement System now owns 40,226 shares of the company’s stock worth $1,603,000 after acquiring an additional 826 shares during the period. Alpine Woods Capital Investors LLC bought a new position in shares of AppLovin in the 4th quarter worth approximately $897,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of AppLovin by 2.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 255,385 shares of the company’s stock valued at $10,177,000 after purchasing an additional 5,950 shares during the period. Institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In related news, Director Craig Scott Billings sold 5,620 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $84.97, for a total transaction of $477,531.40. Following the completion of the transaction, the director now directly owns 1,780 shares of the company’s stock, valued at $151,246.60. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Craig Scott Billings sold 5,620 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $84.97, for a total value of $477,531.40. Following the sale, the director now owns 1,780 shares in the company, valued at $151,246.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawson Alyssa Harvey sold 4,371 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $75.65, for a total transaction of $330,666.15. Following the transaction, the director now owns 11,565 shares of the company’s stock, valued at approximately $874,892.25. The disclosure for this sale can be found here. Insiders have sold a total of 17,857,726 shares of company stock worth $1,489,251,374 in the last 90 days. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Stock Down 5.3 %

NASDAQ APP opened at $71.09 on Friday. AppLovin Co. has a 52 week low of $28.99 and a 52 week high of $91.91. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59. The company has a market capitalization of $23.39 billion, a P/E ratio of 44.70, a price-to-earnings-growth ratio of 1.30 and a beta of 1.86. The stock’s 50-day moving average price is $81.38 and its 200-day moving average price is $69.91.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $973.70 million. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. AppLovin’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. On average, equities research analysts predict that AppLovin Co. will post 2.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on APP shares. Daiwa Capital Markets started coverage on AppLovin in a research report on Monday, April 15th. They set a “neutral” rating and a $80.00 price objective for the company. Jefferies Financial Group raised their target price on shares of AppLovin from $93.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Citigroup upped their price target on AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. The Goldman Sachs Group lifted their price objective on AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Finally, Wedbush reissued an “outperform” rating and issued a $100.00 target price on shares of AppLovin in a research note on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $71.72.

About AppLovin

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.