Vestcor Inc Raises Holdings in AppLovin Co. (NASDAQ:APP)

Vestcor Inc grew its stake in AppLovin Co. (NASDAQ:APP) by 32.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,925 shares of the company’s stock after buying an additional 972 shares during the quarter. Vestcor Inc’s holdings in AppLovin were worth $512,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in AppLovin in the third quarter valued at $25,000. DT Investment Partners LLC purchased a new position in shares of AppLovin in the 3rd quarter valued at about $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin during the 3rd quarter worth about $27,000. Raleigh Capital Management Inc. purchased a new stake in AppLovin during the third quarter worth approximately $29,000. Finally, Quest Partners LLC acquired a new position in AppLovin in the second quarter valued at approximately $33,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. The trade was a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the sale, the insider now owns 405,676 shares in the company, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 872,896 shares of company stock worth $279,773,021 over the last ninety days. 14.69% of the stock is currently owned by insiders.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $324.47 on Friday. The firm has a market capitalization of $108.89 billion, a price-to-earnings ratio of 98.32, a price-to-earnings-growth ratio of 4.17 and a beta of 2.28. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The business’s 50 day simple moving average is $246.00 and its 200-day simple moving average is $144.37. AppLovin Co. has a 12 month low of $37.40 and a 12 month high of $417.64.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 38.6% compared to the same quarter last year. As a group, equities analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on APP. Stifel Nicolaus increased their target price on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. Jefferies Financial Group upped their target price on AppLovin from $270.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Macquarie lifted their price target on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price objective on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $292.79.

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.