State of New Jersey Common Pension Fund D Sells 26,093 Shares of AppLovin Co. (NASDAQ:APP)

State of New Jersey Common Pension Fund D cut its stake in AppLovin Co. (NASDAQ:APP) by 27.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,691 shares of the company’s stock after selling 26,093 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in AppLovin were worth $5,633,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. WCM Investment Management LLC bought a new stake in shares of AppLovin during the first quarter worth $497,488,000. Jericho Capital Asset Management L.P. grew its stake in AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after purchasing an additional 2,525,240 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in AppLovin in the first quarter valued at about $195,129,000. First Trust Advisors LP grew its stake in AppLovin by 42.6% in the fourth quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock valued at $91,605,000 after purchasing an additional 686,258 shares during the last quarter. Finally, Norges Bank purchased a new position in AppLovin in the fourth quarter valued at about $43,973,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Up 6.6 %

Shares of NASDAQ:APP opened at $112.58 on Monday. AppLovin Co. has a 12-month low of $34.45 and a 12-month high of $112.88. The company has a market capitalization of $37.04 billion, a PE ratio of 67.01, a PEG ratio of 1.41 and a beta of 1.88. The business has a 50 day moving average of $84.08 and a two-hundred day moving average of $78.38. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $0.22 earnings per share. AppLovin’s revenue for the quarter was up 44.0% on a year-over-year basis. As a group, analysts forecast that AppLovin Co. will post 3.46 EPS for the current year.

Analyst Ratings Changes

APP has been the topic of several analyst reports. Jefferies Financial Group lifted their target price on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Bank of America boosted their price target on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. BTIG Research boosted their price target on AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer restated an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Finally, Benchmark boosted their price target on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.78.

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares in the company, valued at $900,711.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Victoria Valenzuela sold 47,001 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the completion of the sale, the insider now owns 390,615 shares of the company’s stock, valued at $33,225,711.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 775,934 shares of company stock worth $65,805,022. 14.69% of the stock is owned by corporate insiders.

AppLovin Profile

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.