Sumitomo Mitsui Trust Group Inc. Increases Stake in AppLovin Corporation $APP

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in AppLovin Corporation by 9.2%, acquiring an additional 51,005 shares, bringing its total ownership to approximately $212.9 million.
• AppLovin reported a quarterly earnings per share of $2.26, exceeding estimates and showing a 77.1% year-over-year revenue increase, with total revenue for the quarter at $1.26 billion.
• Research analysts have raised their price targets for AppLovin, with estimates ranging from $540 to $860, with the average rating being "Moderate Buy."

Sumitomo Mitsui Trust Group Inc. increased its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 9.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 608,274 shares of the company's stock after acquiring an additional 51,005 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.18% of AppLovin worth $212,945,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Hilltop National Bank purchased a new stake in AppLovin in the 2nd quarter worth about $26,000. Hoey Investments Inc. purchased a new position in AppLovin during the 2nd quarter valued at about $35,000. Trust Co. of Vermont purchased a new position in AppLovin during the 2nd quarter valued at about $35,000. Alpine Bank Wealth Management purchased a new position in AppLovin during the 1st quarter valued at about $27,000. Finally, ORG Partners LLC grew its holdings in AppLovin by 146.5% during the 2nd quarter. ORG Partners LLC now owns 106 shares of the company's stock valued at $36,000 after buying an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Stock Up 5.1%

Shares of NASDAQ APP opened at $620.00 on Friday. AppLovin Corporation has a 12 month low of $158.33 and a 12 month high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $209.72 billion, a price-to-earnings ratio of 88.07, a PEG ratio of 3.20 and a beta of 2.53. The business has a 50-day moving average of $569.09 and a 200-day moving average of $422.86.

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

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the sale, the chief technology officer owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were 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 owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. The trade was a 1.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on APP shares. UBS Group lifted their target price on AppLovin from $540.00 to $810.00 and gave the company a "buy" rating in a report on Friday, September 26th. Benchmark lifted their target price on AppLovin from $525.00 to $640.00 and gave the company a "buy" rating in a report on Monday, September 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Tuesday, August 26th. Bank of America lifted their target price on AppLovin from $580.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday, October 1st. Finally, Scotiabank reaffirmed an "outperform" rating on shares of AppLovin in a report on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $605.13.

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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