Vestcor Inc Acquires 4,519 Shares of AppLovin Corporation $APP

Vestcor Inc lifted its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 35.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,294 shares of the company’s stock after acquiring an additional 4,519 shares during the quarter. Vestcor Inc’s holdings in AppLovin were worth $11,653,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. OneAscent Investment Solutions LLC boosted its stake in shares of AppLovin by 18.4% during the 4th quarter. OneAscent Investment Solutions LLC now owns 632 shares of the company’s stock worth $426,000 after acquiring an additional 98 shares during the period. Pinebridge Investments LLC bought a new position in shares of AppLovin during the 4th quarter worth approximately $34,398,000. PBU The Pension Fund of Early Childhood & Youth Educators bought a new position in shares of AppLovin during the 4th quarter worth approximately $6,300,000. Parallel Advisors LLC boosted its stake in shares of AppLovin by 28.3% during the 4th quarter. Parallel Advisors LLC now owns 2,691 shares of the company’s stock worth $1,813,000 after acquiring an additional 593 shares during the period. Finally, Lifestyle Asset Management Inc. boosted its stake in shares of AppLovin by 2.1% during the 4th quarter. Lifestyle Asset Management Inc. now owns 4,233 shares of the company’s stock worth $2,852,000 after acquiring an additional 89 shares during the period. 41.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on APP shares. Oppenheimer reduced their target price on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Wells Fargo & Company boosted their price target on AppLovin from $560.00 to $571.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Wedbush restated an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Benchmark restated a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Finally, Jefferies Financial Group reduced their price target on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $664.35.

AppLovin Stock Performance

APP opened at $557.20 on Friday. The business has a fifty day simple moving average of $470.43 and a 200 day simple moving average of $521.43. The company has a market capitalization of $187.19 billion, a PE ratio of 47.87, a price-to-earnings-growth ratio of 0.91 and a beta of 2.45. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.67 EPS. Research analysts expect that AppLovin Corporation will post 15.86 EPS for the current year.

Insider Activity

In other news, CEO Arash Adam Foroughi sold 40,704 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $459.85, for a total transaction of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares in the company, valued at approximately $1,117,625,877.90. This represents a 1.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $453.49, for a total value of $74,331,545.90. Following the sale, the director owned 6,969,382 shares of the company’s stock, valued at approximately $3,160,545,043.18. The trade was a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 467,092 shares of company stock worth $220,268,340. 13.66% of the stock is owned by insiders.

AppLovin Profile

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.