State of Alaska Department of Revenue Invests $20.80 Million in AppLovin Corporation $APP

State of Alaska Department of Revenue bought a new position in shares of AppLovin Corporation (NASDAQ:APP) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 28,945 shares of the company’s stock, valued at approximately $20,798,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of APP. Concurrent Investment Advisors LLC lifted its holdings in shares of AppLovin by 31.5% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,646 shares of the company’s stock valued at $1,627,000 after purchasing an additional 1,114 shares during the last quarter. Lazard Freres Gestion S.A.S. purchased a new position in AppLovin during the 3rd quarter worth $2,514,000. Aberdeen Group plc increased its position in AppLovin by 6.5% during the 2nd quarter. Aberdeen Group plc now owns 114,180 shares of the company’s stock valued at $39,972,000 after buying an additional 7,001 shares in the last quarter. Legal Advantage Investments Inc. purchased a new stake in AppLovin in the second quarter valued at about $1,523,000. Finally, IFM Investors Pty Ltd boosted its holdings in AppLovin by 15.6% in the second quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company’s stock worth $15,827,000 after acquiring an additional 6,104 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 27,143 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the sale, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at $1,812,669,143.78. This represents a 0.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eduardo Vivas sold 150,000 shares of AppLovin stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $650.91, for a total transaction of $97,636,500.00. Following the sale, the director directly owned 7,133,292 shares in the company, valued at approximately $4,643,131,095.72. The trade was a 2.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 340,336 shares of company stock worth $200,062,623. 13.66% of the stock is owned by insiders.

AppLovin Stock Performance

Shares of APP stock opened at $616.53 on Friday. AppLovin Corporation has a 52-week low of $200.50 and a 52-week high of $745.61. The stock has a market cap of $208.36 billion, a PE ratio of 74.82, a price-to-earnings-growth ratio of 2.09 and a beta of 2.50. The business has a 50-day simple moving average of $638.79 and a 200-day simple moving average of $540.39. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company’s quarterly revenue was up 68.2% on a year-over-year basis. During the same period last year, the firm earned $1.29 EPS. On average, equities analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Royal Bank Of Canada upped their price objective on shares of AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $705.00 price target on shares of AppLovin and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research note on Monday, September 29th. JPMorgan Chase & Co. upped their target price on AppLovin from $425.00 to $650.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Finally, Wells Fargo & Company raised their target price on AppLovin from $721.00 to $735.00 and gave the stock an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $696.60.

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.