Smith Group Asset Management LLC Increases Stock Position in AppLovin Corporation $APP

Smith Group Asset Management LLC grew its stake in shares of AppLovin Corporation (NASDAQ:APP) by 3.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 112,933 shares of the company’s stock after acquiring an additional 4,223 shares during the quarter. AppLovin comprises about 2.6% of Smith Group Asset Management LLC’s investment portfolio, making the stock its 11th biggest holding. Smith Group Asset Management LLC’s holdings in AppLovin were worth $39,536,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in APP. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin during the 4th quarter valued at about $294,000. Bison Wealth LLC purchased a new position in shares of AppLovin in the fourth quarter worth approximately $239,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of AppLovin by 44.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,105 shares of the company’s stock worth $6,652,000 after buying an additional 7,778 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of AppLovin by 6.4% in the first quarter. Asset Management One Co. Ltd. now owns 79,802 shares of the company’s stock worth $21,145,000 after buying an additional 4,772 shares during the last quarter. Finally, Lecap Asset Management Ltd. boosted its holdings in shares of AppLovin by 51.6% in the first quarter. Lecap Asset Management Ltd. now owns 6,083 shares of the company’s stock worth $1,612,000 after buying an additional 2,070 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 26,200 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the business’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director owned 3,150 shares in the company, valued at $1,537,105.50. This represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,156,788 shares of company stock worth $514,863,333. Company insiders own 13.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on APP. Royal Bank Of Canada initiated coverage on shares of AppLovin in a report on Monday, October 13th. They issued an “outperform” rating and a $700.00 price objective on the stock. Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Bank of America raised their target price on shares of AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. The Goldman Sachs Group restated a “neutral” rating and set a $630.00 target price on shares of AppLovin in a research note on Tuesday, October 14th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of AppLovin in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $605.13.

AppLovin Trading Up 4.4%

AppLovin stock opened at $589.70 on Friday. The stock has a market cap of $199.47 billion, a P/E ratio of 83.76, a PEG ratio of 3.07 and a beta of 2.53. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin Corporation has a 1 year low of $158.08 and a 1 year high of $745.61. The firm’s 50 day moving average price is $565.46 and its 200-day moving average price is $420.20.

AppLovin (NASDAQ:APP) last released its quarterly earnings data 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. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the business posted $0.89 earnings per share. The company’s revenue for the quarter was up 77.1% compared to the same quarter last year. On average, equities analysts predict that AppLovin Corporation will post 6.87 earnings per share 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.