New York State Teachers Retirement System Sells 8,711 Shares of AppLovin Co. (NASDAQ:APP)

New York State Teachers Retirement System cut its position in AppLovin Co. (NASDAQ:APP) by 58.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,139 shares of the company’s stock after selling 8,711 shares during the quarter. New York State Teachers Retirement System’s holdings in AppLovin were worth $1,988,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in APP. GHP Investment Advisors Inc. purchased a new stake in AppLovin in the fourth quarter valued at approximately $25,000. Hemington Wealth Management boosted its position in AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares during the last quarter. Fifth Third Bancorp boosted its position in AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after buying an additional 62 shares during the last quarter. Bogart Wealth LLC purchased a new stake in AppLovin in the fourth quarter valued at approximately $37,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in AppLovin by 139.1% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 153 shares of the company’s stock valued at $50,000 after buying an additional 89 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Down 7.7 %

Shares of NASDAQ APP opened at $415.31 on Friday. The company has a market cap of $139.37 billion, a price-to-earnings ratio of 91.48, a price-to-earnings-growth ratio of 3.28 and a beta of 2.30. AppLovin Co. has a 12-month low of $56.45 and a 12-month high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock’s 50 day simple moving average is $365.59 and its 200 day simple moving average is $244.47.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Equities research analysts expect that AppLovin Co. will post 6.87 EPS for the current year.

Wall Street Analyst Weigh In

APP has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Oppenheimer reaffirmed an “outperform” rating and set a $560.00 target price (up from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. Wedbush reaffirmed an “outperform” rating and set a $270.00 target price (up from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Benchmark increased their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, BTIG Research increased their price objective on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $442.18.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the transaction, the chief executive officer now directly owns 3,058,635 shares in the company, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eduardo Vivas sold 30,330 shares of AppLovin stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $330.67, for a total value of $10,029,221.10. Following the completion of the transaction, the director now owns 90,576 shares in the company, valued at $29,950,765.92. The trade was a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 196,302 shares of company stock valued at $65,305,354 in the last quarter. Corporate insiders own 14.69% of the company’s stock.

About AppLovin

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.