AppLovin (NASDAQ:APP) Shares Down 1.7% – What’s Next?

Shares of AppLovin Corporation (NASDAQ:APP) fell 1.7% during trading on Thursday . The stock traded as low as $309.41 and last traded at $313.58. 4,382,913 shares changed hands during trading, a decline of 23% from the average daily volume of 5,692,827 shares. The stock had previously closed at $319.05.

Analyst Ratings Changes

A number of research firms have issued reports on APP. KeyCorp set a $775.00 target price on shares of AppLovin in a research report on Wednesday, June 10th. Raymond James Financial began coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target on the stock. Phillip Securities raised shares of AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada cut their price objective on AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Finally, Needham & Company LLC reduced their price objective on AppLovin from $500.00 to $475.00 and set a “buy” rating for the company in a research report on Wednesday, August 26th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $538.61.

AppLovin Stock Performance

The company has a market cap of $107.28 billion, a price-to-earnings ratio of 24.64, a P/E/G ratio of 0.66 and a beta of 2.49. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. The firm has a fifty day simple moving average of $394.59 and a 200 day simple moving average of $440.28.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the company earned $2.39 earnings per share. AppLovin’s revenue for the quarter was up 52.8% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Corporation will post 15.53 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In related news, CEO Arash Foroughi sold 33,042 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $486.95, for a total transaction of $16,089,801.90. Following the completion of the transaction, the chief executive officer owned 2,369,351 shares of the company’s stock, valued at approximately $1,153,755,469.45. The trade was a 1.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Jr sold 3,076 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director owned 120,444 shares of the company’s stock, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 271,152 shares of company stock worth $135,295,830. Company insiders own 12.81% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Signature Estate & Investment Advisors LLC raised its stake in shares of AppLovin by 3,695.3% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company’s stock valued at $39,345,000 after buying an additional 74,349 shares in the last quarter. Insight Wealth Strategies LLC acquired a new stake in shares of AppLovin during the 2nd quarter valued at about $6,939,000. Generate Investment Management Ltd bought a new stake in AppLovin in the second quarter valued at about $7,226,000. Asset Management One Co. Ltd. raised its position in AppLovin by 6.5% in the second quarter. Asset Management One Co. Ltd. now owns 105,909 shares of the company’s stock worth $54,567,000 after purchasing an additional 6,424 shares in the last quarter. Finally, North Dakota State Investment Board bought a new position in AppLovin during the fourth quarter worth about $5,490,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Company Profile

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.