Meiji Yasuda Asset Management Co Ltd. Purchases Shares of 2,690 AppLovin Co. (NASDAQ:APP)

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of AppLovin Co. (NASDAQ:APP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,690 shares of the company’s stock, valued at approximately $224,000.

A number of other hedge funds have also recently made changes to their positions in APP. Precision Wealth Strategies LLC purchased a new stake in shares of AppLovin during the fourth quarter worth about $324,000. Norges Bank purchased a new stake in shares of AppLovin during the fourth quarter worth about $43,973,000. Clearbridge Investments LLC grew its position in shares of AppLovin by 3.1% during the fourth quarter. Clearbridge Investments LLC now owns 63,032 shares of the company’s stock worth $2,512,000 after purchasing an additional 1,918 shares in the last quarter. Franklin Resources Inc. grew its position in shares of AppLovin by 154.9% during the fourth quarter. Franklin Resources Inc. now owns 235,187 shares of the company’s stock worth $9,372,000 after purchasing an additional 142,938 shares in the last quarter. Finally, Contrarius Investment Management Ltd purchased a new stake in shares of AppLovin during the fourth quarter worth about $7,334,000. Institutional investors own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on APP. BTIG Research increased their target price on AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and increased their price target for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Citigroup increased their price target on AppLovin from $110.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday. Oppenheimer reissued an “outperform” rating and set a $105.00 price target (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Finally, Wedbush dropped their price target on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.09.

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AppLovin news, insider Victoria Valenzuela sold 47,001 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the transaction, the insider now directly owns 390,615 shares in the company, valued at approximately $33,225,711.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction 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 transaction, the director now owns 10,247 shares in the company, valued at $900,711.30. The disclosure for this sale can be found here. In the last three months, insiders sold 775,934 shares of company stock valued at $65,805,022. Insiders own 14.69% of the company’s stock.

AppLovin Price Performance

NASDAQ:APP opened at $126.09 on Friday. AppLovin Co. has a 1 year low of $34.45 and a 1 year high of $128.19. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a market capitalization of $41.49 billion, a price-to-earnings ratio of 75.05, a PEG ratio of 1.41 and a beta of 1.88. The business has a 50 day simple moving average of $87.92 and a 200-day simple moving average of $80.27.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the company earned $0.22 EPS. AppLovin’s quarterly revenue was up 44.0% compared to the same quarter last year. Equities analysts forecast that AppLovin Co. will post 3.46 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.