Laird Norton Wetherby Wealth Management LLC Sells 156 Shares of AppLovin Co. (NASDAQ:APP)

Laird Norton Wetherby Wealth Management LLC reduced its position in shares of AppLovin Co. (NASDAQ:APP) by 4.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,545 shares of the company’s stock after selling 156 shares during the quarter. Laird Norton Wetherby Wealth Management LLC’s holdings in AppLovin were worth $1,148,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in AppLovin by 92.5% in the 3rd quarter. Barclays PLC now owns 318,992 shares of the company’s stock worth $41,643,000 after purchasing an additional 153,248 shares in the last quarter. Chicago Capital LLC bought a new position in AppLovin in the 4th quarter worth $323,000. Brookstone Capital Management bought a new position in AppLovin in the 4th quarter worth $290,000. Claro Advisors LLC bought a new position in AppLovin in the 4th quarter worth $415,000. Finally, Signet Financial Management LLC bought a new position in AppLovin in the 4th quarter worth $317,000. 41.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

APP has been the subject of several research reports. Loop Capital restated a “buy” rating and issued a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. Morgan Stanley upped their price objective on shares of AppLovin from $350.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. Benchmark restated a “buy” rating and issued a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Oppenheimer reaffirmed an “outperform” rating and set a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Finally, Wells Fargo & Company boosted their target price on AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $433.85.

Insider Buying and Selling

In other news, CEO Arash Adam Foroughi sold 44,400 shares of AppLovin stock in a transaction on Monday, February 24th. The shares were sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the transaction, the chief executive officer now owns 2,869,492 shares in the company, valued at $1,179,045,567.88. This trade represents a 1.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the transaction, the director now owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is owned by insiders.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $370.10 on Wednesday. The business has a 50-day simple moving average of $278.36 and a two-hundred day simple moving average of $314.35. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a market cap of $125.82 billion, a price-to-earnings ratio of 81.52, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. AppLovin Co. has a fifty-two week low of $60.67 and a fifty-two week high of $525.15.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the firm earned $0.67 earnings per share. The firm’s revenue for the quarter was up 40.3% compared to the same quarter last year. On average, analysts expect that AppLovin Co. will post 6.87 earnings per share 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.