Mitsubishi UFJ Trust & Banking Corp increased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 12.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 308,026 shares of the company's stock after purchasing an additional 33,068 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.09% of AppLovin worth $81,618,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of APP. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin during the fourth quarter valued at approximately $25,000. Atala Financial Inc acquired a new position in shares of AppLovin during the first quarter valued at approximately $26,000. Alpine Bank Wealth Management acquired a new position in shares of AppLovin during the first quarter valued at approximately $27,000. ORG Wealth Partners LLC acquired a new position in shares of AppLovin during the first quarter valued at approximately $29,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of AppLovin during the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 41.85% of the company's stock.
Insiders Place Their Bets
In related news, Director Herald Y. Chen sold 400,000 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the transaction, the director directly owned 221,209 shares in the company, valued at approximately $82,867,103.49. This represents a 64.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Herald Y. Chen sold 171,420 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $373.77, for a total value of $64,071,653.40. Following the transaction, the director owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. This represents a 43.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of equities analysts have commented on the company. Oppenheimer reissued an "outperform" rating and set a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Wells Fargo & Company increased their target price on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. UBS Group increased their target price on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, BTIG Research increased their price target on AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $447.57.
Get Our Latest Stock Analysis on AppLovin
AppLovin Trading Down 3.0%
AppLovin stock traded down $11.53 during mid-day trading on Friday, hitting $379.17. The company's stock had a trading volume of 6,325,484 shares, compared to its average volume of 3,866,259. The firm has a market capitalization of $128.31 billion, a PE ratio of 68.44, a price-to-earnings-growth ratio of 2.26 and a beta of 2.43. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock's fifty day moving average is $363.45 and its two-hundred day moving average is $337.54.
AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The firm's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.67 earnings per share. On average, analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current year.
AppLovin Company Profile
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Free Report)
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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