Mitsubishi UFJ Trust & Banking Corp Decreases Stock Holdings in AppLovin Corporation $APP

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its AppLovin stake by 5.8% in Q4, selling 17,996 shares and finishing the quarter with 292,608 shares worth about $197.17 million (0.09% ownership).
• Company insiders have been net sellers: Director Eduardo Vivas sold 163,910 shares (~$74.3M) and CTO Vasily Shikin sold 62,804 shares (~$30.5M), with insiders offloading 365,244 shares (~$169.6M) in the last three months while still owning 13.66%.
• AppLovin beat expectations with Q earnings of $3.24 vs. $2.89 estimate and revenue of $1.66B (up 66% YoY), and analysts maintain a Moderate Buy consensus with an average price target of $673.25.

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in AppLovin Corporation (NASDAQ:APP - Free Report) by 5.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 292,608 shares of the company's stock after selling 17,996 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.09% of AppLovin worth $197,165,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Revolve Wealth Partners LLC bought a new position in shares of AppLovin in the 4th quarter worth approximately $294,000. Bison Wealth LLC purchased a new position in shares of AppLovin in the fourth quarter worth approximately $239,000. Integrated Wealth Concepts LLC boosted its holdings in shares of AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company's stock worth $448,000 after buying an additional 621 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of AppLovin by 5.7% in the second quarter. NewEdge Advisors LLC now owns 14,523 shares of the company's stock worth $5,084,000 after buying an additional 782 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of AppLovin by 7.2% in the second quarter. Treasurer of the State of North Carolina now owns 139,189 shares of the company's stock worth $48,727,000 after buying an additional 9,380 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the company's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $453.49, for a total value of $74,331,545.90. Following the completion of the transaction, the director directly owned 6,969,382 shares in the company, valued at $3,160,545,043.18. This represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total value of $30,549,749.72. Following the completion of the transaction, the chief technology officer owned 3,255,273 shares of the company's stock, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 365,244 shares of company stock worth $169,584,607 in the last three months. 13.66% of the stock is owned by company insiders.

AppLovin Trading Up 2.7%

APP stock opened at $460.29 on Tuesday. AppLovin Corporation has a 1-year low of $246.00 and a 1-year high of $745.61. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.32. The company has a market capitalization of $155.25 billion, a price-to-earnings ratio of 47.21, a PEG ratio of 0.78 and a beta of 2.50. The business has a 50 day simple moving average of $434.85 and a two-hundred day simple moving average of $538.41.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.35. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the company posted $1.73 EPS. The firm's revenue for the quarter was up 66.0% compared to the same quarter last year. Research analysts anticipate that AppLovin Corporation will post 15.72 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on APP. Wells Fargo & Company raised their price objective on shares of AppLovin from $543.00 to $560.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. Wedbush raised their price objective on shares of AppLovin from $465.00 to $640.00 and gave the stock an "outperform" rating in a report on Thursday, February 12th. Arete Research set a $340.00 price objective on shares of AppLovin and gave the stock a "neutral" rating in a report on Monday, March 2nd. Citigroup dropped their price objective on shares of AppLovin from $820.00 to $710.00 and set a "buy" rating on the stock in a report on Thursday, February 12th. Finally, Oppenheimer dropped their price objective on shares of AppLovin from $740.00 to $660.00 and set an "outperform" rating on the stock in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $673.25.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin's technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin's offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.

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