AppLovin Corporation (NASDAQ:APP) Shares Sold by Smith Group Asset Management LLC

Smith Group Asset Management LLC lessened its holdings in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 28.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 108,710 shares of the company's stock after selling 43,523 shares during the period. AppLovin makes up approximately 2.2% of Smith Group Asset Management LLC's portfolio, making the stock its 16th biggest holding. Smith Group Asset Management LLC's holdings in AppLovin were worth $28,805,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Kingswood Wealth Advisors LLC lifted its holdings in shares of AppLovin by 5.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company's stock valued at $445,000 after purchasing an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of AppLovin by 62.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company's stock worth $45,675,000 after acquiring an additional 66,453 shares during the last quarter. Yousif Capital Management LLC lifted its position in shares of AppLovin by 3.5% in the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company's stock valued at $939,000 after acquiring an additional 119 shares in the last quarter. Peak Retirement Planning Inc. acquired a new stake in shares of AppLovin during the fourth quarter valued at $969,000. Finally, Assenagon Asset Management S.A. lifted its holdings in AppLovin by 3.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,173 shares of the company's stock valued at $1,106,000 after purchasing an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Oppenheimer reiterated an "outperform" rating and set a $500.00 price target (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Citigroup restated a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. UBS Group boosted their price target on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. The Goldman Sachs Group raised their price objective on AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, FBN Securities began coverage on AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $438.85.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the transaction, the director directly owned 3,451 shares of the company's stock, valued at $1,450,455.30. This represents a 12.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Barbara Messing sold 1,500 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the sale, the director owned 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. Over the last three months, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is owned by insiders.

AppLovin Trading Up 1.3%

APP traded up $4.24 during trading on Thursday, hitting $340.24. 3,521,835 shares of the company's stock were exchanged, compared to its average volume of 6,207,697. AppLovin Corporation has a 1 year low of $60.67 and a 1 year high of $525.15. The stock has a 50 day moving average price of $349.64 and a 200 day moving average price of $333.90. The firm has a market cap of $115.13 billion, a P/E ratio of 61.42, a price-to-earnings-growth ratio of 2.01 and a beta of 2.42. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP - Get Free Report) last announced 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. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the company earned $0.67 EPS. The firm's revenue was up 40.3% on a year-over-year basis. As a group, analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal 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.