AppLovin (NASDAQ:APP) Shares Up 6.4% – Here’s Why

AppLovin Corporation (NASDAQ:APP)’s share price traded up 6.4% during trading on Monday . The stock traded as high as $361.76 and last traded at $355.17. 3,842,815 shares changed hands during trading, a decline of 50% from the average session volume of 7,613,505 shares. The stock had previously closed at $333.78.

Analysts Set New Price Targets

APP has been the topic of several research analyst reports. The Goldman Sachs Group raised their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. UBS Group boosted their target price on AppLovin from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Jefferies Financial Group lifted their price objective on shares of AppLovin from $460.00 to $530.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $470.00 target price (up previously from $455.00) on shares of AppLovin in a research report on Thursday. Finally, Oppenheimer restated an “outperform” rating and issued a $500.00 price objective (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $438.85.

AppLovin Stock Up 3.7%

The firm has a 50 day simple moving average of $343.55 and a two-hundred day simple moving average of $333.68. The stock has a market capitalization of $117.16 billion, a P/E ratio of 62.71, a PEG ratio of 1.99 and a beta of 2.53. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. AppLovin’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter last year, the business posted $0.67 EPS. On average, equities research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Craig Scott Billings sold 12,000 shares of AppLovin stock in a transaction on Monday, May 12th. The stock was sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the sale, the director now directly owns 2,987 shares in the company, valued at approximately $1,054,769.44. This trade represents a 80.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Barbara Messing sold 1,500 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $382.46, for a total transaction of $573,690.00. Following the transaction, the director now owns 9,510 shares of the company’s stock, valued at $3,637,194.60. This represents a 13.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last ninety days. Company insiders own 13.66% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Institutional investors have recently made changes to their positions in the business. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin in the fourth quarter worth $25,000. Atala Financial Inc bought a new position in AppLovin in the first quarter valued at about $26,000. Alpine Bank Wealth Management purchased a new position in AppLovin in the first quarter worth about $27,000. Riverview Trust Co lifted its stake in shares of AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares during the period. Finally, Tucker Asset Management LLC purchased a new stake in AppLovin during the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 41.85% 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.