AppLovin Co. (NASDAQ:APP) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of AppLovin Co. (NASDAQ:APP - Free Report) by 37.0% during the 3rd quarter, according to the company in its most recent 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 period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.15% of AppLovin worth $65,084,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Capital Performance Advisors LLP bought a new position in AppLovin in the third quarter valued at about $25,000. DT Investment Partners LLC bought a new stake in shares of AppLovin during the third quarter valued at approximately $27,000. Raleigh Capital Management Inc. purchased a new position in shares of AppLovin during the third quarter valued at about $29,000. HM Payson & Co. boosted its position in shares of AppLovin by 50.0% during the 3rd quarter. HM Payson & Co. now owns 300 shares of the company's stock valued at $39,000 after acquiring an additional 100 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of AppLovin in the 3rd quarter worth about $42,000. Hedge funds and other institutional investors own 41.85% of the company's stock.

AppLovin Price Performance

APP traded up $6.60 during midday trading on Friday, hitting $291.09. 24,361,492 shares of the company traded hands, compared to its average volume of 4,402,378. AppLovin Co. has a 52-week low of $35.79 and a 52-week high of $302.55. The business has a 50 day simple moving average of $155.01 and a two-hundred day simple moving average of $107.06. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market capitalization of $97.30 billion, a price-to-earnings ratio of 86.62, a PEG ratio of 3.49 and a beta of 1.86.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company's revenue for the quarter was up 38.6% on a year-over-year basis. During the same period last year, the firm posted $0.30 earnings per share. On average, equities analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on APP. Citigroup boosted their price objective on shares of AppLovin from $155.00 to $185.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Macquarie boosted their price target on shares of AppLovin from $150.00 to $270.00 and gave the company an "outperform" rating in a report on Thursday, November 7th. UBS Group raised AppLovin from a "neutral" rating to a "buy" rating and raised their price objective for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. Benchmark reaffirmed a "sell" rating and set a $66.00 price target on shares of AppLovin in a research report on Thursday, November 7th. Finally, Oppenheimer lifted their target price on shares of AppLovin from $180.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $194.31.

Insiders Place Their Bets

In related news, CMO Katie Kihorany Jansen sold 59,876 shares of the company's stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares of the company's stock, valued at $291,115,402.32. This represents a 5.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 14,166 shares of the business's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the transaction, the insider now directly owns 352,616 shares of the company's stock, valued at $31,728,387.68. The trade was a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 235,542 shares of company stock valued at $32,012,275 over the last quarter. 14.69% of the stock is owned by insiders.

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.