Retirement Systems of Alabama Acquires Shares of 57,750 AppLovin Corporation $APP

Retirement Systems of Alabama bought a new position in shares of AppLovin Corporation (NASDAQ:APP) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 57,750 shares of the company’s stock, valued at approximately $41,496,000.

Several other hedge funds have also modified their holdings of APP. Versant Capital Management Inc grew its holdings in AppLovin by 2.8% during the third quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock worth $504,000 after acquiring an additional 19 shares during the period. Optas LLC boosted its position in shares of AppLovin by 2.5% during the 3rd quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after purchasing an additional 21 shares in the last quarter. Bartlett & CO. Wealth Management LLC grew its stake in shares of AppLovin by 19.6% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock worth $96,000 after purchasing an additional 22 shares during the period. Avestar Capital LLC grew its stake in shares of AppLovin by 2.1% during the 2nd quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock worth $391,000 after purchasing an additional 23 shares during the period. Finally, Proffitt & Goodson Inc. increased its holdings in shares of AppLovin by 65.7% in the 3rd quarter. Proffitt & Goodson Inc. now owns 58 shares of the company’s stock valued at $42,000 after purchasing an additional 23 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Trading Up 0.5%

Shares of AppLovin stock opened at $524.41 on Monday. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25. The business has a 50 day moving average price of $634.79 and a 200 day moving average price of $562.31. The company has a market capitalization of $177.22 billion, a P/E ratio of 63.64, a P/E/G ratio of 1.73 and a beta of 2.50.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.AppLovin’s quarterly revenue was up 68.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 EPS. Sell-side analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Oppenheimer set a $740.00 price objective on shares of AppLovin in a report on Tuesday, October 7th. Evercore ISI assumed coverage on shares of AppLovin in a research report on Wednesday, January 14th. They set an “outperform” rating and a $835.00 price target for the company. Wedbush upped their price target on AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. JPMorgan Chase & Co. raised their price objective on AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Finally, Bank of America lifted their price objective on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $706.76.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 150 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $693.32, for a total value of $103,998.00. Following the transaction, the director directly owned 2,829 shares in the company, valued at approximately $1,961,402.28. This represents a 5.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arash Adam Foroughi sold 4,069 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the sale, the chief executive officer directly owned 2,998,948 shares in the company, valued at $1,491,976,630. This represents a 0.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 340,336 shares of company stock worth $200,062,623 in the last ninety days. 13.66% of the stock is currently owned by insiders.

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.