Smithbridge Asset Management Inc. DE Purchases Shares of 51,233 AppLovin Co. (NASDAQ:APP)

Smithbridge Asset Management Inc. DE bought a new stake in shares of AppLovin Co. (NASDAQ:APP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 51,233 shares of the company's stock, valued at approximately $13,575,000. AppLovin makes up 2.5% of Smithbridge Asset Management Inc. DE's holdings, making the stock its 8th largest position.

A number of other hedge funds have also recently modified their holdings of the business. Revolve Wealth Partners LLC bought a new position in AppLovin in the 4th quarter worth about $294,000. Yousif Capital Management LLC lifted its stake in AppLovin by 4.0% during the 4th quarter. Yousif Capital Management LLC now owns 3,425 shares of the company's stock valued at $1,109,000 after acquiring an additional 132 shares during the period. Essex Financial Services Inc. lifted its stake in AppLovin by 15.3% during the 4th quarter. Essex Financial Services Inc. now owns 1,732 shares of the company's stock valued at $561,000 after acquiring an additional 230 shares during the period. Sovran Advisors LLC bought a new position in AppLovin during the 4th quarter valued at about $245,000. Finally, Certuity LLC bought a new position in AppLovin during the 4th quarter valued at about $416,000. Institutional investors own 41.85% of the company's stock.

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 513 shares of AppLovin stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the completion of the sale, the director now owns 3,451 shares of the company's stock, valued at $1,450,455.30. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Barbara Messing sold 1,500 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total value of $573,690.00. Following the completion of the transaction, the director now directly owns 9,510 shares of the company's stock, valued at $3,637,194.60. The trade was a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock valued at $455,062,980 over the last quarter. 14.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. Loop Capital reaffirmed a "buy" rating and set a $650.00 price target on shares of AppLovin in a research report on Friday, March 28th. Arete Research set a $200.00 price target on shares of AppLovin in a research report on Wednesday, March 5th. FBN Securities assumed coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price target for the company. Finally, Morgan Stanley upped their price target on shares of AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $438.10.

AppLovin Stock Down 4.2%

Shares of APP stock traded down $16.09 during trading hours on Friday, reaching $364.49. 4,342,573 shares of the company's stock were exchanged, compared to its average volume of 6,111,821. AppLovin Co. has a 1 year low of $60.67 and a 1 year high of $525.15. The stock has a market cap of $123.34 billion, a PE ratio of 80.28, a PEG ratio of 3.02 and a beta of 2.53. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock's fifty day moving average price is $321.71 and its two-hundred day moving average price is $333.90.

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. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The company's revenue was up 40.3% on a year-over-year basis. Research analysts predict that AppLovin Co. will post 6.87 EPS 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.