Sumitomo Mitsui Trust Group Inc. Acquires 12,968 Shares of AppLovin Corporation (NASDAQ:APP)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 2.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 557,269 shares of the company's stock after purchasing an additional 12,968 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.16% of AppLovin worth $147,660,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. HighPoint Advisor Group LLC boosted its holdings in AppLovin by 1.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock valued at $590,000 after acquiring an additional 31 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after acquiring an additional 33 shares during the last quarter. Forum Financial Management LP boosted its holdings in AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock valued at $1,223,000 after acquiring an additional 33 shares during the last quarter. Truvestments Capital LLC boosted its holdings in AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock valued at $1,696,000 after acquiring an additional 38 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in AppLovin by 13.4% in the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $97,000 after acquiring an additional 43 shares during the last quarter. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling at AppLovin

In other news, Director Barbara Messing sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director now owns 9,510 shares in the company, valued at $3,637,194.60. This represents a 13.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Craig Scott Billings sold 12,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $353.12, for a total value of $4,237,440.00. Following the sale, the director now owns 2,987 shares in the company, valued at approximately $1,054,769.44. This represents a 80.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Corporate insiders own 13.66% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on APP shares. JPMorgan Chase & Co. raised their price target on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. HSBC set a $436.00 target price on AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Oppenheimer restated 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. FBN Securities assumed coverage on AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 target price on the stock. Finally, Piper Sandler restated an "overweight" rating and set a $470.00 target price (up previously from $455.00) on shares of AppLovin in a report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $438.85.

AppLovin Trading Down 3.9%

NASDAQ APP opened at $333.78 on Friday. The stock has a market capitalization of $112.95 billion, a price-to-earnings ratio of 60.25, a PEG ratio of 1.94 and a beta of 2.53. The stock's 50 day moving average price is $343.55 and its two-hundred day moving average price is $333.63. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. AppLovin Corporation has a 52 week low of $60.67 and a 52 week high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business's quarterly revenue was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 EPS. As a group, analysts anticipate that AppLovin Corporation will post 6.87 earnings per share 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.

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