AppLovin Corporation $APP Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in AppLovin Corporation by 25%, owning 24,769 shares valued at approximately $8.67 million as of the end of the second quarter.
• Several analysts have raised their price targets for AppLovin, with Wedbush stating a target of $725 and Wells Fargo setting it at $491, reflecting a generally favorable outlook on the company.
• AppLovin reported earnings of $2.26 per share in its latest quarter, which surpassed analysts' expectations, although revenue fell short of estimates at $1.26 billion.

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 25.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,769 shares of the company's stock after purchasing an additional 4,961 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in AppLovin were worth $8,671,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of APP. Atala Financial Inc purchased a new position in AppLovin in the first quarter valued at about $26,000. Alpine Bank Wealth Management purchased a new position in AppLovin in the first quarter valued at about $27,000. ORG Wealth Partners LLC purchased a new position in AppLovin in the first quarter valued at about $29,000. Bartlett & CO. Wealth Management LLC purchased a new position in AppLovin in the first quarter valued at about $29,000. Finally, SouthState Corp purchased a new position in AppLovin in the first quarter valued at about $29,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on APP. Wedbush increased their target price on AppLovin from $620.00 to $725.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Wells Fargo & Company increased their target price on AppLovin from $480.00 to $491.00 and gave the stock an "overweight" rating in a report on Thursday, August 21st. JPMorgan Chase & Co. increased their target price on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Jefferies Financial Group raised their price target on AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a report on Friday, September 5th. Finally, Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $501.95.

AppLovin Stock Up 2.4%

Shares of APP stock opened at $621.52 on Friday. AppLovin Corporation has a 1 year low of $122.41 and a 1 year high of $632.88. The stock has a market cap of $210.23 billion, a PE ratio of 88.28, a price-to-earnings-growth ratio of 3.36 and a beta of 2.44. The business's fifty day moving average is $445.23 and its 200-day moving average is $361.13. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company's revenue was up 77.1% compared to the same quarter last year. During the same period last year, the company posted $0.89 EPS. Equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 35,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the sale, the insider directly owned 269,955 shares of the company's stock, valued at $135,579,499.65. This trade represents a 11.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by insiders.

About AppLovin

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.

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