Mitsubishi UFJ Trust & Banking Corp Invests $2.17 Million in AppLovin Co. (NYSE:APP)

Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of AppLovin Co. (NYSE:APPGet Rating) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 63,055 shares of the company’s stock, valued at approximately $2,172,000.

Several other institutional investors and hedge funds have also made changes to their positions in APP. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of AppLovin during the second quarter worth $52,000. US Bancorp DE raised its holdings in shares of AppLovin by 1,467.0% in the second quarter. US Bancorp DE now owns 1,567 shares of the company’s stock valued at $54,000 after acquiring an additional 1,467 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of AppLovin by 99.0% in the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after acquiring an additional 488 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of AppLovin in the first quarter valued at about $74,000. Finally, Covestor Ltd bought a new stake in shares of AppLovin in the first quarter valued at about $116,000. 37.23% of the stock is currently owned by institutional investors.

AppLovin Trading Down 2.9 %

Shares of APP stock opened at $13.95 on Friday. The company has a debt-to-equity ratio of 1.69, a current ratio of 3.36 and a quick ratio of 3.36. The company has a market cap of $5.19 billion, a price-to-earnings ratio of -60.65 and a beta of 1.85. The stock has a 50 day simple moving average of $18.76 and a 200-day simple moving average of $28.87. AppLovin Co. has a 1-year low of $13.20 and a 1-year high of $101.00.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. BTIG Research decreased their price objective on AppLovin from $53.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, October 26th. Truist Financial decreased their price objective on AppLovin from $65.00 to $33.00 and set a “buy” rating for the company in a report on Tuesday, November 1st. Wedbush started coverage on AppLovin in a report on Thursday, October 13th. They issued an “outperform” rating and a $26.00 price objective for the company. Morgan Stanley started coverage on shares of AppLovin in a report on Friday, September 23rd. They issued an “overweight” rating and a $35.00 target price for the company. Finally, JPMorgan Chase & Co. started coverage on shares of AppLovin in a report on Thursday. They issued a “neutral” rating and a $18.00 target price for the company. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.20.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $26.59, for a total transaction of $598,275.00. Following the completion of the transaction, the chief technology officer now directly owns 2,644,535 shares of the company’s stock, valued at approximately $70,318,185.65. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 12.78% of the company’s stock.

AppLovin Profile

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AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.

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Institutional Ownership by Quarter for AppLovin (NYSE:APP)

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