AppLovin Corporation $APP Stock Position Raised by Smith Group Asset Management LLC

Key Points

• Smith Group Asset Management increased its AppLovin position by 7.8% in the first quarter, bringing its holdings to 99,195 shares worth approximately $39.5 million. Institutional investors and hedge funds collectively own 41.85% of the company.
• AppLovin reported stronger-than-expected quarterly results, with $3.56 in EPS and $1.84 billion in revenue; revenue rose 58.9% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $668.45.
• Insiders sold 393,000 shares worth about $197.3 million during the latest quarter, while AppLovin shares opened at $418.22, well below their 12-month high of $745.61.

Smith Group Asset Management LLC increased its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 7.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,195 shares of the company's stock after acquiring an additional 7,156 shares during the quarter. AppLovin makes up approximately 2.0% of Smith Group Asset Management LLC's holdings, making the stock its 25th biggest holding. Smith Group Asset Management LLC's holdings in AppLovin were worth $39,480,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of APP. Calamos Advisors LLC boosted its stake in AppLovin by 73.3% during the 4th quarter. Calamos Advisors LLC now owns 48,737 shares of the company's stock valued at $32,840,000 after purchasing an additional 20,609 shares during the period. Capricorn Fund Managers Ltd acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $4,043,000. Dara Capital US Inc. bought a new stake in shares of AppLovin during the fourth quarter valued at approximately $1,747,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of AppLovin by 12.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 195,265 shares of the company's stock valued at $131,573,000 after buying an additional 21,427 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of AppLovin by 97.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 43,988 shares of the company's stock worth $29,640,000 after buying an additional 21,694 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of the business's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider owned 243,961 shares of the company's stock, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the sale, the director owned 6,785,087 shares of the company's stock, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 393,000 shares of company stock worth $197,297,363 in the last quarter. Company insiders own 12.81% of the company's stock.

AppLovin Trading Up 1.3%

AppLovin stock opened at $418.22 on Wednesday. AppLovin Corporation has a 12-month low of $358.55 and a 12-month high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock has a market capitalization of $140.50 billion, a PE ratio of 35.93, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The firm has a 50 day simple moving average of $496.20 and a 200-day simple moving average of $476.06.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm's quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.67 earnings per share. As a group, equities research analysts expect that AppLovin Corporation will post 15.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APP. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Monday, June 22nd. Piper Sandler reaffirmed an "overweight" rating on shares of AppLovin in a research note on Tuesday, July 7th. Benchmark reiterated a "buy" rating on shares of AppLovin in a research report on Wednesday, June 10th. Needham & Company LLC reissued a "buy" rating and issued a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Finally, Morgan Stanley reissued an "overweight" rating on shares of AppLovin in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $668.45.

AppLovin Profile

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.

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