AppLovin Co. (NASDAQ:APP) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its stake in shares of AppLovin Co. (NASDAQ:APP) by 9.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 438,586 shares of the company’s stock after selling 44,035 shares during the quarter. California Public Employees Retirement System owned about 0.13% of AppLovin worth $142,027,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Summit Securities Group LLC acquired a new position in shares of AppLovin during the 4th quarter valued at about $94,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of AppLovin by 457.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock worth $936,888,000 after buying an additional 2,373,885 shares during the last quarter. Okabena Investment Services Inc. acquired a new stake in shares of AppLovin during the 4th quarter worth approximately $486,000. Tucker Asset Management LLC acquired a new position in AppLovin in the fourth quarter valued at approximately $28,000. Finally, OneAscent Wealth Management LLC purchased a new position in AppLovin in the fourth quarter worth approximately $295,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APP has been the topic of a number of research analyst reports. Stifel Nicolaus lifted their target price on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. The Goldman Sachs Group boosted their price objective on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Citigroup upped their target price on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Macquarie lifted their price target on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, FBN Securities assumed coverage on shares of AppLovin in a research note on Friday. They issued an “outperform” rating and a $385.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $435.47.

AppLovin Stock Performance

Shares of AppLovin stock opened at $272.38 on Monday. The business has a 50-day simple moving average of $351.86 and a 200-day simple moving average of $284.38. The company has a market cap of $92.60 billion, a PE ratio of 60.00, a P/E/G ratio of 3.02 and a beta of 2.33. AppLovin Co. has a one year low of $60.67 and a one year high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, equities research analysts forecast that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity at AppLovin

In related news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares in the company, valued at $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock valued at $106,401,841 over the last quarter. 14.69% of the stock is owned by insiders.

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.