State of New Jersey Common Pension Fund D Raises Holdings in AppLovin Co. (NYSE:APP)

State of New Jersey Common Pension Fund D increased its holdings in AppLovin Co. (NYSE:APPGet Rating) by 18.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 90,336 shares of the company’s stock after purchasing an additional 14,237 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in AppLovin were worth $1,761,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in AppLovin during the second quarter worth $12,140,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in AppLovin during the second quarter worth $475,000. Cohen Capital Management Inc. lifted its stake in AppLovin by 1.6% during the second quarter. Cohen Capital Management Inc. now owns 51,521 shares of the company’s stock worth $1,774,000 after purchasing an additional 800 shares in the last quarter. Arizona State Retirement System acquired a new position in AppLovin during the second quarter worth $1,143,000. Finally, Exchange Traded Concepts LLC lifted its stake in AppLovin by 23.0% during the second quarter. Exchange Traded Concepts LLC now owns 13,060 shares of the company’s stock worth $450,000 after purchasing an additional 2,444 shares in the last quarter. 38.19% of the stock is currently owned by hedge funds and other institutional investors.

AppLovin Stock Performance

Shares of APP stock opened at $10.94 on Friday. The stock’s 50-day moving average is $11.54 and its two-hundred day moving average is $20.79. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of -47.56, a PEG ratio of 1.89 and a beta of 1.76. AppLovin Co. has a 1 year low of $9.14 and a 1 year high of $76.38. The company has a debt-to-equity ratio of 1.69, a quick ratio of 3.36 and a current ratio of 3.36.

AppLovin (NYSE:APPGet Rating) last issued its quarterly earnings data on Wednesday, November 9th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.03). AppLovin had a positive return on equity of 5.09% and a negative net margin of 2.82%. The firm had revenue of $713.10 million for the quarter, compared to analysts’ expectations of $732.79 million. Analysts predict that AppLovin Co. will post -0.25 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on APP. Citigroup reduced their price objective on AppLovin from $60.00 to $34.00 in a research note on Tuesday, November 22nd. BTIG Research cut AppLovin from a “buy” rating to a “neutral” rating in a research note on Thursday, December 8th. Credit Suisse Group reduced their price objective on AppLovin from $63.00 to $57.00 and set an “outperform” rating on the stock in a research note on Thursday, November 10th. Jefferies Financial Group began coverage on AppLovin in a research note on Wednesday, November 30th. They issued a “hold” rating and a $14.00 price objective on the stock. Finally, Needham & Company LLC assumed coverage on AppLovin in a research note on Friday, October 7th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.13.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 373,668 shares of the firm’s stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $10.56, for a total transaction of $3,945,934.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CTO Vasily Shikin sold 379,088 shares of the firm’s stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $13.65, for a total value of $5,174,551.20. Following the completion of the sale, the chief technology officer now owns 2,129,745 shares in the company, valued at $29,071,019.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 373,668 shares of the firm’s stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $10.56, for a total transaction of $3,945,934.08. The disclosure for this sale can be found here. Insiders have sold a total of 3,179,525 shares of company stock valued at $40,038,628 over the last quarter. 12.78% of the stock is currently owned by insiders.

AppLovin Profile

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.

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Institutional Ownership by Quarter for AppLovin (NYSE:APP)

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