Sumitomo Mitsui Trust Group Inc. Cuts Stock Position in AppLovin Corporation $APP

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 4.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 550,338 shares of the company’s stock after selling 26,371 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.16% of AppLovin worth $219,035,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in AppLovin by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after acquiring an additional 166,117 shares during the period. State Street Corp raised its position in AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after acquiring an additional 52,377 shares during the period. Geode Capital Management LLC lifted its holdings in AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after purchasing an additional 448,005 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of AppLovin by 3.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock valued at $4,103,386,000 after purchasing an additional 212,349 shares during the period. Finally, Morgan Stanley grew its position in shares of AppLovin by 10.7% in the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after purchasing an additional 538,806 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insiders Place Their Bets

In other news, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares in the company, valued at $138,055,090.29. This trade represents a 7.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 393,000 shares of company stock worth $197,297,363. 13.66% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

APP has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Citigroup reiterated a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. BTIG Research reiterated a “buy” rating and set a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Piper Sandler reissued an “overweight” rating on shares of AppLovin in a report on Tuesday. Finally, Raymond James Financial assumed coverage on AppLovin in a research report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Stock Down 0.3%

Shares of NASDAQ:APP opened at $520.43 on Friday. AppLovin Corporation has a 52-week low of $332.32 and a 52-week high of $745.61. The stock has a market cap of $174.83 billion, a P/E ratio of 44.71, a PEG ratio of 0.85 and a beta of 2.49. The business has a fifty day moving average of $507.88 and a two-hundred day moving average of $499.10. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the business earned $1.67 earnings per share. AppLovin’s revenue was up 58.9% compared to the same quarter last year. On average, research analysts expect that AppLovin Corporation will post 15.93 earnings per share for the current year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.