Mitsubishi UFJ Asset Management Co. Ltd. Buys 21,824 Shares of AppLovin Corporation (NASDAQ:APP)

Key Points

• Mitsubishi UFJ Asset Management has increased its stake in AppLovin Corporation by 11.3%, acquiring an additional 21,824 shares, bringing its total to 215,112 shares valued at approximately $56.99 million.
• AppLovin reported a net margin of 45.72% and a year-over-year revenue increase of 77.1%, despite missing analysts' revenue expectations for the quarter.
• Institutional investors currently hold 41.85% of AppLovin's stock, with several firms, including Vanguard and Baillie Gifford, significantly increasing their investments in the company.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 215,112 shares of the company's stock after acquiring an additional 21,824 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.06% of AppLovin worth $56,998,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after buying an additional 1,213,536 shares during the period. Baillie Gifford & Co. boosted its holdings in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after acquiring an additional 1,185,859 shares in the last quarter. Dynasty Wealth Management LLC grew its stake in AppLovin by 117,664.4% in the first quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock valued at $716,133,000 after acquiring an additional 2,700,399 shares during the period. Jennison Associates LLC increased its holdings in shares of AppLovin by 86.5% during the first quarter. Jennison Associates LLC now owns 2,386,980 shares of the company's stock valued at $632,478,000 after acquiring an additional 1,107,104 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of AppLovin by 3.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,777,946 shares of the company's stock worth $575,941,000 after purchasing an additional 61,222 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. BTIG Research lifted their price target on shares of AppLovin from $480.00 to $483.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Piper Sandler upped their target price on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday. Scotiabank raised their price target on shares of AppLovin from $430.00 to $450.00 and gave the company a "sector outperform" rating in a research report on Thursday. Finally, HSBC set a $436.00 price objective on AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $472.33.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 100,000 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $367.51, for a total value of $36,751,000.00. Following the sale, the chief executive officer directly owned 2,760,363 shares in the company, valued at $1,014,461,006.13. The trade was a 3.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total value of $12,294,648.24. Following the transaction, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock valued at $455,062,980 in the last three months. 13.66% of the stock is currently owned by company insiders.

AppLovin Price Performance

APP opened at $455.98 on Friday. AppLovin Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $525.15. The firm has a 50-day moving average of $366.78 and a 200 day moving average of $340.06. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.68 and a current ratio of 2.74. The firm has a market cap of $154.30 billion, a P/E ratio of 64.77, a PEG ratio of 2.60 and a beta of 2.43.

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

AppLovin Company 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.

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