AppLovin Corporation (NASDAQ:APP) Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management trimmed its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 45.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,373 shares of the company's stock after selling 1,953 shares during the quarter. Sheets Smith Wealth Management's holdings in AppLovin were worth $629,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC increased its position in AppLovin by 1.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company's stock worth $590,000 after purchasing an additional 31 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock valued at $170,000 after buying an additional 33 shares in the last quarter. Forum Financial Management LP grew its holdings in AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company's stock worth $1,223,000 after acquiring an additional 33 shares during the period. Truvestments Capital LLC raised its position in AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company's stock worth $1,696,000 after acquiring an additional 38 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in AppLovin by 13.4% in the first quarter. Versant Capital Management Inc now owns 365 shares of the company's stock worth $97,000 after acquiring an additional 43 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on APP. Wells Fargo & Company increased their target price on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Benchmark reaffirmed a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. Jefferies Financial Group boosted their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. HSBC set a $436.00 target price on AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. Finally, Piper Sandler lifted their price target on AppLovin from $425.00 to $455.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and an average price target of $438.10.

AppLovin Trading Down 3.1%

Shares of APP traded down $10.71 on Wednesday, hitting $338.77. 4,104,163 shares of the stock traded hands, compared to its average volume of 6,139,060. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The stock's 50 day moving average is $337.27 and its two-hundred day moving average is $333.51. The firm has a market capitalization of $114.64 billion, a P/E ratio of 61.15, a P/E/G ratio of 1.95 and a beta of 2.53. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 EPS. As a group, sell-side analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 33,700 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $365.54, for a total transaction of $12,318,698.00. Following the transaction, the chief executive officer now owns 2,760,363 shares of the company's stock, valued at $1,009,023,091.02. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director now directly owns 9,510 shares of the company's stock, valued at $3,637,194.60. This represents a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. Insiders own 13.66% of the company's stock.

About AppLovin

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.