Illinois Municipal Retirement Fund Cuts Position in AppLovin Corporation $APP

Illinois Municipal Retirement Fund trimmed its position in shares of AppLovin Corporation (NASDAQ:APP) by 5.0% during the first quarter, Holdings Channel reports. The firm owned 59,343 shares of the company’s stock after selling 3,123 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in AppLovin were worth $23,619,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Redhawk Wealth Advisors Inc. raised its holdings in shares of AppLovin by 2.9% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after buying an additional 18 shares during the period. Verdence Capital Advisors LLC lifted its stake in AppLovin by 5.7% during the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after acquiring an additional 18 shares in the last quarter. Strategic Advocates LLC boosted its holdings in AppLovin by 0.8% during the 3rd quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock valued at $1,851,000 after acquiring an additional 21 shares during the period. Finivi Inc. boosted its holdings in AppLovin by 3.2% during the 4th quarter. Finivi Inc. now owns 711 shares of the company’s stock valued at $479,000 after acquiring an additional 22 shares during the period. Finally, Alta Wealth Advisors LLC grew its position in AppLovin by 0.6% in the 4th quarter. Alta Wealth Advisors LLC now owns 3,925 shares of the company’s stock valued at $2,645,000 after acquiring an additional 24 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares of the company’s stock, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction on 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 sale, the chief technology officer directly owned 3,189,739 shares of the company’s stock, valued at approximately $1,545,173,366.38. This trade represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 393,000 shares of company stock worth $197,297,363 over the last ninety days. 13.66% of the stock is currently owned by insiders.

AppLovin Stock Performance

Shares of APP opened at $452.73 on Thursday. AppLovin Corporation has a 1 year low of $343.00 and a 1 year high of $745.61. The stock has a market capitalization of $152.09 billion, a PE ratio of 38.89, a PEG ratio of 0.73 and a beta of 2.49. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The stock has a 50-day simple moving average of $508.18 and a 200-day simple moving average of $491.61.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business’s quarterly revenue was up 58.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.67 earnings per share. On average, analysts predict that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

APP has been the topic of a number of recent research reports. Argus began coverage on shares of AppLovin in a research note on Tuesday, April 14th. They set a “buy” rating and a $520.00 price target on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Finally, Raymond James Financial initiated coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $668.45.

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.