AppLovin Corporation $APP Stock Acquired by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board grew its position in shares of AppLovin Corporation (NASDAQ:APP) by 23.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 16,700 shares of the company’s stock after acquiring an additional 3,200 shares during the period. New Mexico Educational Retirement Board’s holdings in AppLovin were worth $4,850,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cassaday & Co Wealth Management LLC purchased a new position in shares of AppLovin in the 1st quarter valued at approximately $25,000. Rachor Investment Advisory Services LLC purchased a new stake in AppLovin in the third quarter worth $25,000. Pioneer Family Office LLC purchased a new stake in AppLovin in the second quarter worth $31,000. IMA Advisory Services Inc. grew its stake in AppLovin by 40.0% in the first quarter. IMA Advisory Services Inc. now owns 84 shares of the company’s stock worth $33,000 after purchasing an additional 24 shares during the period. Finally, OFI Invest Asset Management raised its holdings in AppLovin by 16.3% in the second quarter. OFI Invest Asset Management now owns 68,739 shares of the company’s stock worth $35,000 after purchasing an additional 9,615 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Top AppLovin Stories

Here are a few of the latest stories about APP:

• Positive Sentiment: AppLovin’s third-quarter results showed strong growth: revenue rose 55.5% year over year to $2.18 billion, and the company also reported higher profit. Its fourth-quarter outlook exceeded analyst expectations, and it announced a larger share-repurchase plan. These results have helped drive the stock’s recent rally. Article: AppLovin Jumps on Strong Q3 Results
• Positive Sentiment: Coverage also points to continued opportunity from AppLovin’s AI-powered advertising tools and growing e-commerce advertiser spending, supporting the case for further growth if execution continues. Article: AppLovin: 3 Key Takeaways for Long-Term Investors
• Negative Sentiment: Several law firms highlighted a filed securities class action and the November 16 lead-plaintiff deadline. The complaint alleges AppLovin misrepresented the pace of AI-model improvements and the readiness or adoption of its self-service advertising tools. The claims remain allegations, but the litigation could add legal costs and weigh on investor confidence. Article: Levi & Korsinsky Class Action Reminder

Analysts Set New Price Targets

Several equities analysts have commented on APP shares. Royal Bank Of Canada raised their price objective on AppLovin from $500.00 to $520.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Daiwa Securities Group reduced their target price on shares of AppLovin from $569.00 to $345.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 19th. Benchmark decreased their price target on shares of AppLovin from $500.00 to $440.00 and set a “buy” rating for the company in a research note on Monday, August 17th. Jefferies Financial Group decreased their price target on shares of AppLovin from $550.00 to $375.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. Finally, Scotiabank cut their price target on AppLovin from $515.00 to $450.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 5th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $497.93.

AppLovin Stock Performance

Shares of APP stock opened at $404.77 on Thursday. AppLovin Corporation has a one year low of $225.19 and a one year high of $738.01. The company’s 50-day moving average is $298.73 and its 200 day moving average is $408.06. The company has a market capitalization of $135.46 billion, a price-to-earnings ratio of 27.24, a price-to-earnings-growth ratio of 0.80 and a beta of 2.51. The company has a debt-to-equity ratio of 1.07, a quick ratio of 3.80 and a current ratio of 3.80.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 4th. The company reported $4.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.03 by $0.27. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.07 billion. AppLovin had a net margin of 65.89% and a return on equity of 182.97%. The business’s revenue for the quarter was up 55.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.45 earnings per share. Sell-side analysts expect that AppLovin Corporation will post 16.25 EPS for the current fiscal year.

About AppLovin

AppLovin is a technology company that provides software to help mobile app developers and advertisers grow their businesses. Its platform connects advertisers seeking users with app publishers looking to monetize their audiences, using data and machine-learning tools to support advertising and user acquisition. The company’s products include AXON, its advertising optimization engine; AppDiscovery, which helps advertisers find and acquire users; and MAX, a platform for managing in-app advertising.