AppLovin Corporation $APP Shares Purchased by Smith Group Asset Management LLC

Smith Group Asset Management LLC raised its stake in AppLovin Corporation (NASDAQ:APP) by 7.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 99,195 shares of the company’s stock after buying an additional 7,156 shares during the period. AppLovin makes up about 2.0% of Smith Group Asset Management LLC’s investment portfolio, making the stock its 25th largest holding. Smith Group Asset Management LLC’s holdings in AppLovin were worth $39,480,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of APP. Vanguard Group Inc. boosted its stake in shares of AppLovin by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock worth $16,926,746,000 after acquiring an additional 166,117 shares in the last quarter. State Street Corp raised its position in shares of AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after purchasing an additional 52,377 shares during the period. Geode Capital Management LLC lifted its holdings in shares of AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after purchasing an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 3.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock valued at $4,103,386,000 after purchasing an additional 212,349 shares during the last quarter. Finally, Morgan Stanley boosted its position in shares of AppLovin by 10.7% in the 4th quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after purchasing an additional 538,806 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Wedbush reissued an “outperform” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. UBS Group reduced their price objective on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Citigroup reiterated a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Raymond James Financial started coverage on shares of AppLovin in a research report on Monday, June 29th. They issued a “strong-buy” rating and a $640.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $668.45.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the transaction, the chief executive officer owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. This represents a 0.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 393,000 shares of company stock valued at $197,297,363 over the last ninety days. Insiders own 12.81% of the company’s stock.

AppLovin Stock Up 1.3%

NASDAQ:APP opened at $418.22 on Wednesday. The firm has a market capitalization of $140.50 billion, a price-to-earnings ratio of 35.93, a PEG ratio of 0.68 and a beta of 2.49. AppLovin Corporation has a 1-year low of $358.55 and a 1-year high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The business’s fifty day moving average price is $496.20 and its 200 day moving average price is $476.06.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the business earned $1.67 EPS. The business’s revenue for the quarter was up 58.9% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin Corporation will post 15.93 earnings per share for the current fiscal year.

About AppLovin

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.