Sheets Smith Investment Management Makes New $3.26 Million Investment in AppLovin Co. (NASDAQ:APP)

Sheets Smith Investment Management acquired a new position in shares of AppLovin Co. (NASDAQ:APP) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 10,074 shares of the company’s stock, valued at approximately $3,262,000. AppLovin makes up 2.8% of Sheets Smith Investment Management’s holdings, making the stock its 8th largest position.

Other large investors also recently bought and sold shares of the company. GHP Investment Advisors Inc. purchased a new stake in AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co grew its position in shares of AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Hemington Wealth Management grew its position in shares of AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Fifth Third Bancorp grew its position in shares of AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock valued at $32,000 after purchasing an additional 62 shares in the last quarter. Finally, Smithfield Trust Co purchased a new stake in shares of AppLovin in the fourth quarter valued at approximately $32,000. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on APP shares. Wells Fargo & Company set a $538.00 price target on AppLovin and gave the company an “overweight” rating in a research report on Thursday, February 27th. Arete Research set a $200.00 price target on AppLovin in a research report on Wednesday, March 5th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Monday, March 17th. Macquarie upped their price target on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, Benchmark upped their price objective on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $438.28.

AppLovin Stock Up 2.4 %

NASDAQ:APP opened at $314.03 on Monday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock’s fifty day moving average is $353.83 and its two-hundred day moving average is $276.60. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The stock has a market capitalization of $106.76 billion, a price-to-earnings ratio of 69.17, a price-to-earnings-growth ratio of 3.02 and a beta of 2.33.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. Research analysts anticipate that AppLovin Co. will post 6.87 EPS for the current year.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total value of $18,999,450.00. Following the transaction, the chief executive officer now owns 2,914,492 shares of the company’s stock, valued at $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company’s stock.

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.