Mitsubishi UFJ Asset Management Co. Ltd. Acquires 19,753 Shares of AppLovin Co. (NASDAQ:APP)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in AppLovin Co. (NASDAQ:APP) by 11.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 193,288 shares of the company’s stock after acquiring an additional 19,753 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.06% of AppLovin worth $67,776,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of APP. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of AppLovin in the 4th quarter worth $324,000. Banco BTG Pactual S.A. bought a new position in AppLovin in the fourth quarter valued at $329,000. Mark Sheptoff Financial Planning LLC purchased a new stake in AppLovin during the fourth quarter valued at about $113,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in AppLovin by 9.0% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 274,958 shares of the company’s stock worth $89,040,000 after purchasing an additional 22,680 shares during the last quarter. Finally, Florida Financial Advisors LLC purchased a new position in shares of AppLovin in the 4th quarter worth about $246,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Activity

In other news, CTO Vasily Shikin sold 17,500 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the sale, the chief technology officer now directly owns 88,389 shares of the company’s stock, valued at $21,359,201.85. This represents a 16.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 in the last quarter. 14.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Wells Fargo & Company set a $538.00 target price on AppLovin and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Loop Capital restated a “buy” rating on shares of AppLovin in a report on Friday. The Goldman Sachs Group increased their target price on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Arete Research set a $200.00 price target on shares of AppLovin in a research note on Wednesday, March 5th. Finally, FBN Securities initiated coverage on AppLovin in a research note on Friday. They set an “outperform” rating and a $385.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $435.47.

AppLovin Stock Up 4.1 %

Shares of AppLovin stock opened at $272.38 on Friday. The company’s fifty day simple moving average is $351.86 and its two-hundred day simple moving average is $281.71. AppLovin Co. has a 12-month low of $60.67 and a 12-month high of $525.15. 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 cap of $92.60 billion, a P/E ratio of 60.00, a PEG ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current 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.