AppLovin (NASDAQ:APP) Trading 1.4% Higher – Here’s What Happened

Shares of AppLovin Co. (NASDAQ:APP) rose 1.4% during trading on Tuesday . The stock traded as high as $348.55 and last traded at $344.51. Approximately 2,428,000 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 7,602,232 shares. The stock had previously closed at $339.72.

Analysts Set New Price Targets

APP has been the subject of a number of recent analyst reports. Loop Capital raised their price objective on shares of AppLovin from $450.00 to $650.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. The Goldman Sachs Group raised their price target on AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Stifel Nicolaus upped their price objective on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Benchmark raised their target price on AppLovin from $375.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Piper Sandler upped their price target on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $438.28.

AppLovin Price Performance

The company’s 50 day simple moving average is $354.31 and its 200-day simple moving average is $278.37. The company has a market capitalization of $118.32 billion, a price-to-earnings ratio of 77.00, a PEG ratio of 3.02 and a beta of 2.33. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. On average, equities research analysts predict that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $324.65, for a total value of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 306,900 shares of company stock worth $106,401,841. 14.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On AppLovin

Several hedge funds have recently modified their holdings of APP. GHP Investment Advisors Inc. acquired a new stake in AppLovin during the 4th quarter valued at approximately $25,000. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin in the fourth quarter valued at $25,000. Riverview Trust Co increased its holdings in 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 buying an additional 82 shares during the last quarter. Tucker Asset Management LLC acquired a new stake in shares of AppLovin during the 4th quarter valued at approximately $28,000. Finally, Hemington Wealth Management lifted its position in shares of AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after buying an additional 40 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

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.