Teacher Retirement System of Texas Acquires New Position in AppLovin Co. (NASDAQ:APP)

Teacher Retirement System of Texas bought a new position in shares of AppLovin Co. (NASDAQ:APP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 60,393 shares of the company's stock, valued at approximately $19,557,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company's stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. SVB Wealth LLC acquired a new position in shares of AppLovin in the 4th quarter worth approximately $1,781,922,000. Baillie Gifford & Co. boosted its stake in shares of AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company's stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of AppLovin during the fourth quarter worth $535,070,000. Finally, Jennison Associates LLC bought a new position in AppLovin during the fourth quarter worth $414,462,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Down 5.4 %

Shares of NASDAQ APP traded down $18.67 during mid-day trading on Wednesday, reaching $327.62. 8,293,010 shares of the company were exchanged, compared to its average volume of 5,288,424. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15. The firm has a 50-day moving average of $354.81 and a 200 day moving average of $280.21. The stock has a market cap of $111.38 billion, a price-to-earnings ratio of 72.16, a P/E/G ratio of 3.02 and a beta of 2.33. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

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AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $1.73 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%. On average, research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Benchmark increased their price target on AppLovin from $375.00 to $525.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Oppenheimer reaffirmed an "outperform" rating and set a $560.00 target price (up previously from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. UBS Group boosted their price target on AppLovin from $440.00 to $630.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Arete Research set a $200.00 price objective on shares of AppLovin in a research report on Wednesday, March 5th. Finally, The Goldman Sachs Group boosted their target price on shares of AppLovin from $220.00 to $335.00 and gave the company a "neutral" rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $438.28.

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the sale, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the firm's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the transaction, the chief executive officer now directly owns 2,914,492 shares of the company's stock, valued at $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 306,900 shares of company stock worth $106,401,841. Company insiders own 14.69% of the company's stock.

AppLovin Profile

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.