AppLovin Corporation $APP Shares Sold by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE trimmed its holdings in shares of AppLovin Corporation (NASDAQ:APP) by 52.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,113 shares of the company’s stock after selling 13,116 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in AppLovin were worth $4,821,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Allworth Financial LP boosted its stake in shares of AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after purchasing an additional 3,438 shares during the last quarter. APG Asset Management N.V. purchased a new position in shares of AppLovin during the third quarter valued at approximately $4,958,000. Franklin Resources Inc. boosted its position in AppLovin by 24.9% during the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after acquiring an additional 487,492 shares during the last quarter. Generate Investment Management Ltd acquired a new stake in AppLovin during the fourth quarter worth approximately $2,347,000. Finally, Kinetic Partners Management LP grew its stake in AppLovin by 7.5% in the 3rd quarter. Kinetic Partners Management LP now owns 128,106 shares of the company’s stock worth $92,049,000 after acquiring an additional 8,930 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 9.6%

Shares of APP stock opened at $564.61 on Thursday. AppLovin Corporation has a fifty-two week low of $325.58 and a fifty-two week high of $745.61. The firm’s 50 day moving average price is $499.89 and its two-hundred day moving average price is $505.63. The stock has a market cap of $189.68 billion, a price-to-earnings ratio of 48.51, a price-to-earnings-growth ratio of 0.83 and a beta of 2.49. 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 posted its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating 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 business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the business posted $1.67 EPS. The business’s quarterly revenue was up 58.9% on a year-over-year basis. On average, analysts anticipate that AppLovin Corporation will post 15.96 EPS for the current year.

Insider Activity at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,042 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the transaction, the chief executive officer owned 2,369,351 shares in the company, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the sale, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at $106,470,000. The trade was a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 over the last 90 days. Corporate insiders own 13.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Weiss Ratings lowered AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research report on Wednesday, June 10th. UBS Group dropped their target price on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, May 28th. Finally, KeyCorp set a $775.00 price target on AppLovin in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $668.27.

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.