Sumitomo Mitsui Trust Group Inc. Buys 134,645 Shares of AppLovin Co. (NASDAQ:APP)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of AppLovin Co. (NASDAQ:APP) by 37.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 498,534 shares of the company’s stock after purchasing an additional 134,645 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in AppLovin were worth $65,084,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in shares of AppLovin during the third quarter worth $25,000. DT Investment Partners LLC acquired a new position in AppLovin in the 3rd quarter worth about $27,000. Raleigh Capital Management Inc. bought a new position in AppLovin in the third quarter valued at about $29,000. Quest Partners LLC acquired a new stake in shares of AppLovin during the second quarter valued at about $33,000. Finally, Oliver Lagore Vanvalin Investment Group bought a new stake in shares of AppLovin during the second quarter worth about $34,000. Institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In other AppLovin news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. The trade was a 5.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This trade represents a 12.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 235,542 shares of company stock valued at $32,012,275. Company insiders own 14.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on APP. Loop Capital raised their price objective on shares of AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a report on Monday. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $80.00 to $280.00 in a report on Friday, November 8th. Wells Fargo & Company started coverage on AppLovin in a report on Monday, October 28th. They issued an “overweight” rating and a $200.00 price objective for the company. BTIG Research lifted their target price on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $194.31.

AppLovin Stock Up 0.2 %

Shares of NASDAQ APP opened at $284.49 on Friday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $95.09 billion, a PE ratio of 86.21, a P/E/G ratio of 3.56 and a beta of 1.86. The company’s fifty day simple moving average is $151.08 and its 200 day simple moving average is $105.82. AppLovin Co. has a 12-month low of $35.79 and a 12-month high of $302.55.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. The business’s revenue was up 38.6% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

About AppLovin

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.