Arizona State Retirement System Grows Stock Holdings in AppLovin Co. (NASDAQ:APP)

Arizona State Retirement System grew its holdings in shares of AppLovin Co. (NASDAQ:APP) by 3.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 60,358 shares of the company’s stock after purchasing an additional 1,835 shares during the period. Arizona State Retirement System’s holdings in AppLovin were worth $19,546,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Aigen Investment Management LP purchased a new position in AppLovin in the 4th quarter worth approximately $397,000. Proficio Capital Partners LLC purchased a new position in AppLovin in the 4th quarter worth approximately $474,000. M&T Bank Corp raised its holdings in AppLovin by 1.5% in the 4th quarter. M&T Bank Corp now owns 37,368 shares of the company’s stock worth $12,101,000 after acquiring an additional 569 shares during the last quarter. Atria Investments Inc raised its holdings in AppLovin by 70.7% in the 4th quarter. Atria Investments Inc now owns 7,507 shares of the company’s stock worth $2,431,000 after acquiring an additional 3,108 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in AppLovin by 39.3% in the 4th quarter. Assetmark Inc. now owns 13,422 shares of the company’s stock worth $4,346,000 after acquiring an additional 3,785 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other AppLovin news, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the transaction, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the transaction, the insider now directly owns 372,205 shares of the company’s stock, valued at $116,526,219.35. This trade represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 406,947 shares of company stock valued at $140,740,416. Company insiders own 14.69% of the company’s stock.

Analysts Set New Price Targets

APP has been the subject of a number of recent analyst reports. Wells Fargo & Company set a $538.00 price objective on shares of AppLovin and gave the stock an “overweight” rating in a report on Thursday, February 27th. Loop Capital boosted their target price on shares of AppLovin from $450.00 to $650.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Jefferies Financial Group boosted their target price on shares of AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $452.29.

AppLovin Trading Down 2.8 %

Shares of AppLovin stock opened at $318.00 on Thursday. The company has a market capitalization of $106.72 billion, a P/E ratio of 70.04, a P/E/G ratio of 3.02 and a beta of 2.30. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The company has a fifty day moving average of $366.88 and a 200 day moving average of $259.26. AppLovin Co. has a fifty-two week low of $59.30 and a fifty-two week high of $525.15.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, sell-side analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

AppLovin Company 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.