5,711 AppLovin Corporation $APP Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System grew its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 44.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 18,504 shares of the company’s stock after acquiring an additional 5,711 shares during the quarter. Maryland State Retirement & Pension System’s holdings in AppLovin were worth $5,374,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of AppLovin by 28.3% in the second quarter. State Street Corp now owns 15,095,667 shares of the company’s stock worth $7,777,741,000 after purchasing an additional 3,328,338 shares in the last quarter. WCM Investment Management LLC raised its stake in shares of AppLovin by 5.2% during the first quarter. WCM Investment Management LLC now owns 5,001,600 shares of the company’s stock valued at $1,860,995,000 after purchasing an additional 245,290 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of AppLovin by 7.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,735,471 shares of the company’s stock valued at $894,167,000 after purchasing an additional 121,605 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of AppLovin during the second quarter valued at about $730,015,000. Finally, Amundi raised its stake in shares of AppLovin by 19.5% during the second quarter. Amundi now owns 1,332,633 shares of the company’s stock valued at $686,612,000 after purchasing an additional 217,214 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Trading Down 2.7%

Shares of NASDAQ APP opened at $393.68 on Friday. The firm has a market capitalization of $131.75 billion, a PE ratio of 26.49, a PEG ratio of 0.82 and a beta of 2.51. AppLovin Corporation has a one year low of $225.19 and a one year high of $738.01. The company has a current ratio of 3.80, a quick ratio of 3.80 and a debt-to-equity ratio of 1.07. The business has a 50-day moving average price of $300.22 and a two-hundred day moving average price of $407.35.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $4.30 EPS for the quarter, beating analysts’ consensus estimates of $4.03 by $0.27. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.07 billion. AppLovin had a net margin of 65.89% and a return on equity of 182.97%. The firm’s revenue was up 55.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.45 earnings per share. As a group, analysts predict that AppLovin Corporation will post 16.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on APP. Loop Capital reduced their price objective on shares of AppLovin from $860.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, August 20th. Citigroup cut their price target on shares of AppLovin from $600.00 to $500.00 and set a “buy” rating for the company in a report on Monday, October 19th. Wells Fargo & Company boosted their target price on shares of AppLovin from $325.00 to $347.00 and gave the stock an “equal weight” rating in a report on Friday, November 6th. Raymond James Financial cut their target price on shares of AppLovin from $640.00 to $590.00 in a research note on Thursday, August 6th. Finally, Oppenheimer reissued an “outperform” rating and issued a $520.00 price target (up from $490.00) on shares of AppLovin in a research note on Thursday, November 5th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $497.93.

Trending Headlines about AppLovin

These are some of the APP headlines that stood out recently:

• Positive Sentiment: Recent coverage highlighted strong third-quarter results, including revenue growth of about 55%, and fourth-quarter guidance above expectations. The company also announced a larger share-repurchase plan, providing support for the bullish case. AppLovin (APP) Jumps On Strong Q3 Results, Is The Stock Still Cheap?
• Neutral Sentiment: AppLovin had risen sharply over the prior month, leaving investors weighing its growth prospects against whether the rally had run too far. AppLovin Just Ripped 47% in a Month: Is It Too Late to Buy APP Stock Now?
• Negative Sentiment: Several law firms publicized a pending securities class action and the November 16 lead-plaintiff deadline. The lawsuit alleges that AppLovin’s statements about the progress and adoption of its AI models and self-service advertising tools were misleading; these are allegations, not findings. The legal overhang may weigh on sentiment. AppLovin Investors Alert

About AppLovin

AppLovin is a technology company that provides software to help mobile app developers and advertisers grow their businesses. Its platform connects advertisers seeking users with app publishers looking to monetize their audiences, using data and machine-learning tools to support advertising and user acquisition. The company’s products include AXON, its advertising optimization engine; AppDiscovery, which helps advertisers find and acquire users; and MAX, a platform for managing in-app advertising.