Public Employees Retirement System of Ohio Sells 20,830 Shares of AppLovin Co. (NASDAQ:APP)

Public Employees Retirement System of Ohio cut its stake in shares of AppLovin Co. (NASDAQ:APP) by 17.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 95,706 shares of the company’s stock after selling 20,830 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in AppLovin were worth $12,494,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of APP. Capital Performance Advisors LLP bought a new stake in AppLovin during the 3rd quarter worth approximately $25,000. DT Investment Partners LLC acquired a new position in shares of AppLovin during the third quarter worth $27,000. Meeder Asset Management Inc. bought a new stake in shares of AppLovin in the third quarter worth $27,000. Raleigh Capital Management Inc. acquired a new stake in AppLovin in the third quarter valued at $29,000. Finally, Quest Partners LLC bought a new position in AppLovin during the 2nd quarter worth $33,000. 41.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares in the company, valued at $143,670,155.40. This represents a 4.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 1,676 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 773,896 shares of company stock worth $247,152,521 over the last three months. 14.69% of the stock is currently owned by insiders.

AppLovin Stock Up 5.3 %

APP stock opened at $338.21 on Thursday. The stock’s 50 day simple moving average is $238.48 and its 200 day simple moving average is $141.40. The company has a market cap of $113.50 billion, a P/E ratio of 102.49, a price-to-earnings-growth ratio of 4.95 and a beta of 2.27. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin Co. has a fifty-two week low of $35.79 and a fifty-two week high of $417.64.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period last year, the business earned $0.30 EPS. On average, research analysts expect that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on APP shares. Citigroup increased their price target on AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Jefferies Financial Group increased their target price on shares of AppLovin from $270.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Macquarie increased their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Oppenheimer restated an “outperform” rating and issued a $480.00 target price on shares of AppLovin in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $292.79.

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.