New York State Common Retirement Fund lessened its holdings in AppLovin Co. (NYSE:APP – Free Report) by 22.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,529 shares of the company’s stock after selling 54,863 shares during the period. New York State Common Retirement Fund owned approximately 0.05% of AppLovin worth $7,574,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. BluePath Capital Management LLC bought a new stake in AppLovin during the third quarter worth about $33,000. Castleview Partners LLC acquired a new stake in AppLovin in the third quarter worth $38,000. JPMorgan Chase & Co. raised its holdings in AppLovin by 99.0% in the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock worth $54,000 after purchasing an additional 488 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of AppLovin during the third quarter worth $44,000. Finally, Robeco Institutional Asset Management B.V. acquired a new stake in shares of AppLovin during the third quarter worth $45,000. Institutional investors and hedge funds own 41.85% of the company’s stock.
Insider Activity at AppLovin
In related news, CEO Arash Adam Foroughi sold 325,000 shares of AppLovin stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $39.56, for a total transaction of $12,857,000.00. Following the sale, the chief executive officer now directly owns 7,088,622 shares of the company’s stock, valued at approximately $280,425,886.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, Director Craig Scott Billings sold 5,142 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $43.09, for a total transaction of $221,568.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 325,000 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $39.56, for a total transaction of $12,857,000.00. Following the sale, the chief executive officer now directly owns 7,088,622 shares in the company, valued at $280,425,886.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,337,662 shares of company stock valued at $51,027,923. 12.43% of the stock is owned by insiders.
AppLovin Price Performance
AppLovin (NYSE:APP – Get Free Report) last announced its quarterly earnings results on Wednesday, November 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. The company had revenue of $864.26 million for the quarter, compared to analyst estimates of $794.43 million. AppLovin had a net margin of 3.46% and a return on equity of 11.48%. On average, equities research analysts predict that AppLovin Co. will post 0.88 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on APP shares. HSBC started coverage on shares of AppLovin in a research report on Monday, December 18th. They issued a “buy” rating and a $53.20 target price for the company. Wedbush lifted their target price on shares of AppLovin from $48.00 to $58.50 and gave the stock an “outperform” rating in a report on Thursday, November 9th. UBS Group lifted their price objective on shares of AppLovin from $40.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, December 1st. The Goldman Sachs Group lifted their price objective on shares of AppLovin from $50.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, November 9th. Finally, Stifel Nicolaus lifted their price objective on shares of AppLovin from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.95.
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; MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction; and Wurl, a connected TV platform, which primarily distributes streaming video for content companies.
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