Smithbridge Asset Management Inc. DE Reduces Holdings in AppLovin Corporation $APP

Smithbridge Asset Management Inc. DE lowered its position in AppLovin Corporation (NASDAQ:APP) by 52.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 12,113 shares of the company’s stock after selling 13,116 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in AppLovin were worth $4,821,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in APP. Washington Trust Advisors Inc. increased its position in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares during the last quarter. Board of the Pension Protection Fund purchased a new position in AppLovin in the fourth quarter valued at about $27,000. Mcguire Capital Advisors Inc. acquired a new stake in AppLovin during the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC purchased a new stake in AppLovin during the 4th quarter worth approximately $32,000. Finally, Graney & King LLC purchased a new stake in AppLovin during the 3rd quarter worth approximately $36,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Up 9.6%

APP stock opened at $564.61 on Thursday. The firm has a market cap of $189.68 billion, a price-to-earnings ratio of 48.51, a PEG ratio of 0.83 and a beta of 2.49. AppLovin Corporation has a 1-year low of $325.58 and a 1-year high of $745.61. The firm has a fifty day moving average price of $499.89 and a two-hundred day moving average price of $505.63. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the firm posted $1.67 EPS. The company’s revenue for the quarter was up 58.9% on a year-over-year basis. Research analysts predict that AppLovin Corporation will post 15.96 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. BTIG Research reiterated a “buy” rating and set a $640.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $700.00 price objective on shares of AppLovin in a research note on Thursday, May 28th. Wells Fargo & Company boosted their target price on shares of AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Finally, KeyCorp set a $775.00 price target on shares of AppLovin in a research report on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $668.27.

Insider Transactions at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider directly owned 243,961 shares of the company’s stock, valued at $138,055,090.29. This trade represents a 7.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 389,924 shares of company stock valued at $195,693,875 over the last ninety days. Insiders own 13.66% of the company’s stock.

AppLovin Company 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.