AppLovin Corporation $APP Shares Sold by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE cut its holdings in AppLovin Corporation (NASDAQ:APP) by 49.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,879 shares of the company’s stock after selling 25,354 shares during the period. AppLovin comprises about 1.6% of Smithbridge Asset Management Inc. DE’s holdings, making the stock its 21st largest position. Smithbridge Asset Management Inc. DE’s holdings in AppLovin were worth $9,060,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hilltop National Bank acquired a new stake in AppLovin in the second quarter valued at $26,000. Atala Financial Inc acquired a new stake in AppLovin in the first quarter valued at $26,000. Hoey Investments Inc. acquired a new stake in AppLovin in the second quarter valued at $35,000. Trust Co. of Vermont acquired a new stake in AppLovin in the second quarter valued at $35,000. Finally, ORG Wealth Partners LLC acquired a new stake in AppLovin in the first quarter valued at $29,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Performance

Shares of APP stock opened at $605.68 on Friday. The stock has a market capitalization of $204.87 billion, a PE ratio of 86.03, a price-to-earnings-growth ratio of 3.27 and a beta of 2.53. AppLovin Corporation has a 52-week low of $141.35 and a 52-week high of $745.61. The stock’s 50-day moving average price is $553.38 and its 200 day moving average price is $409.27. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s revenue for the quarter was up 77.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.89 EPS. As a group, equities research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of the business’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. The trade was a 11.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares in the company, valued at $78,682,473.21. This trade represents a 52.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock worth $514,863,333 over the last three months. 13.66% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on APP shares. Benchmark raised their price target on AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Tuesday, August 26th. Scotiabank reiterated an “outperform” rating on shares of AppLovin in a research report on Thursday, August 28th. JPMorgan Chase & Co. lifted their target price on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada started coverage on AppLovin in a research report on Monday. They set an “outperform” rating and a $700.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $600.59.

AppLovin Company 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.