Sumitomo Mitsui Trust Group Inc. Buys 45,767 Shares of AppLovin Co. (NASDAQ:APP)

Sumitomo Mitsui Trust Group Inc. grew its stake in AppLovin Co. (NASDAQ:APP) by 9.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 544,301 shares of the company’s stock after acquiring an additional 45,767 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.16% of AppLovin worth $176,261,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Townsquare Capital LLC increased its position in AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares during the last quarter. Second Half Financial Partners LLC bought a new position in AppLovin during the third quarter valued at approximately $224,000. State Street Corp boosted its stake in AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the last quarter. Eagle Asset Management Inc. boosted its stake in AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after buying an additional 500,407 shares during the last quarter. Finally, Zacks Investment Management raised its position in AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after purchasing an additional 81,331 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling

In other AppLovin news, insider Victoria Valenzuela sold 17,925 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the transaction, the insider now owns 405,676 shares in the company, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the transaction, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at approximately $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 888,867 shares of company stock valued at $284,773,062. Company insiders own 14.69% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. UBS Group upped their price objective on AppLovin from $315.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Benchmark started coverage on AppLovin in a report on Friday, January 10th. They set a “buy” rating and a $375.00 price objective on the stock. Piper Sandler began coverage on AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price on the stock. Loop Capital raised their price objective on AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Finally, Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $366.29.

AppLovin Trading Down 1.3 %

Shares of AppLovin stock opened at $375.72 on Friday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin Co. has a 1 year low of $45.12 and a 1 year high of $417.64. The company has a market capitalization of $126.09 billion, a P/E ratio of 113.85, a P/E/G ratio of 3.00 and a beta of 2.30. The business has a 50 day moving average price of $346.12 and a 200 day moving average price of $217.34.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the company earned $0.30 EPS. The business’s quarterly revenue was up 38.6% compared to the same quarter last year. Sell-side analysts anticipate that AppLovin Co. will post 4.09 EPS for the current fiscal year.

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.