California State Teachers Retirement System reduced its position in AppLovin Corporation (NASDAQ:APP – Free Report) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 349,227 shares of the company’s stock after selling 9,478 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of AppLovin worth $138,992,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after buying an additional 166,117 shares in the last quarter. State Street Corp increased its stake in AppLovin by 0.4% in the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock valued at $8,021,721,000 after acquiring an additional 52,377 shares during the period. Geode Capital Management LLC raised its position in AppLovin by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after purchasing an additional 448,005 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in AppLovin by 3.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after purchasing an additional 212,349 shares in the last quarter. Finally, Morgan Stanley lifted its stake in AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock worth $3,747,551,000 after purchasing an additional 538,806 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.
Insider Buying and Selling
In related news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the transaction, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. This trade represents a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 393,000 shares of company stock valued at $197,297,363. Insiders own 12.81% of the company’s stock.
AppLovin Stock Performance
AppLovin (NASDAQ:APP – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the business earned $1.67 EPS. AppLovin’s revenue was up 58.9% compared to the same quarter last year. On average, equities analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.
AppLovin News Roundup
Here are the key news stories impacting AppLovin this week:
- Positive Sentiment: Wedbush expects AppLovin to report second-quarter results above its own guidance, supported by continued strength in the company’s core advertising business. The firm also expects consumer-growth initiatives to take longer to develop, but views the underlying business momentum favorably. AppLovin Q2 Results Poised to Top Guidance, Consumer Growth Expected to Take Time, Wedbush Says
- Positive Sentiment: A bullish analysis argues that the market may be underestimating AppLovin’s fundamental strength. Potential upside drivers include a longer-than-expected gaming growth runway, expansion into additional verticals, and longer-term opportunities such as video streaming. AppLovin: The Market Continues To Underestimate Fundamental Strength
- Neutral Sentiment: AppLovin is scheduled to report earnings next week, with Wall Street expecting year-over-year earnings growth. The preview provides a potential catalyst, but the available analysis says the company lacks the typical combination of factors that would support a likely earnings beat, leaving expectations and guidance especially important. AppLovin Reports Next Week: Wall Street Expects Earnings Growth
- Neutral Sentiment: The stock recently outperformed the broader market during one trading session, indicating intermittent buying interest, although that short-term strength has not reversed the broader period of weakness. AppLovin Outpaces Stock Market Gains: What You Should Know
- Negative Sentiment: Pomerantz LLP is investigating potential claims on behalf of AppLovin investors. Although the announcement does not establish wrongdoing, the legal inquiry adds headline, litigation and reputational risk to the stock. Investor Alert: Pomerantz Law Firm Investigates Claims on Behalf of Investors of AppLovin
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, May 28th. Raymond James Financial initiated coverage on AppLovin in a research note on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 price target on the stock. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, Citigroup reiterated a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $668.45.
Read Our Latest Stock Analysis on APP
About AppLovin
AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.
Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.
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