Sheets Smith Wealth Management Sells 535 Shares of AppLovin Co. (NASDAQ:APP)

Sheets Smith Wealth Management lessened its holdings in shares of AppLovin Co. (NASDAQ:APP) by 11.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 4,326 shares of the company’s stock after selling 535 shares during the period. Sheets Smith Wealth Management’s holdings in AppLovin were worth $1,401,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of APP. Townsquare Capital LLC increased its position in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after purchasing an additional 3,126 shares during the period. Second Half Financial Partners LLC bought a new stake in AppLovin in the 3rd quarter valued at $224,000. State Street Corp raised its stake in shares of AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in shares of AppLovin by 2,200.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the period. Finally, Zacks Investment Management boosted its position in shares of AppLovin by 328.1% during the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after acquiring an additional 81,331 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Down 1.2 %

Shares of AppLovin stock opened at $338.39 on Wednesday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a 50-day moving average of $332.85 and a 200-day moving average of $193.35. AppLovin Co. has a 52-week low of $40.71 and a 52-week high of $417.64. The stock has a market cap of $113.56 billion, a PE ratio of 102.54, a PEG ratio of 2.80 and a beta of 2.29.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business posted $0.30 EPS. The business’s revenue was up 38.6% compared to the same quarter last year. As a group, sell-side analysts forecast that AppLovin Co. will post 4.06 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on APP. Wells Fargo & Company lifted their price objective on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. BTIG Research raised their price objective on shares of AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. raised their target price on AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Finally, Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus price target of $338.06.

Insider Activity at AppLovin

In other news, Director Dawson Alyssa Harvey sold 500 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $406.27, for a total value of $203,135.00. Following the completion of the transaction, the director now owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. This represents a 6.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the transaction, the insider now owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. This represents a 4.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 888,867 shares of company stock valued at $284,773,062 over the last quarter. 14.69% of the stock is owned by corporate insiders.

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.