AppLovin (NASDAQ:APP) Shares Up 1% – What’s Next?

Shares of AppLovin Co. (NASDAQ:APP) were up 1% during trading on Thursday . The company traded as high as $349.92 and last traded at $334.45. Approximately 5,536,527 shares changed hands during trading, a decline of 11% from the average daily volume of 6,247,602 shares. The stock had previously closed at $331.00.

Analysts Set New Price Targets

A number of analysts have recently commented on APP shares. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Benchmark raised their price objective on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Wedbush restated an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Piper Sandler raised their price objective on AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Bank of America raised their price objective on AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus target price of $452.29.

AppLovin Stock Up 1.6 %

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 has a 50 day simple moving average of $367.79 and a 200 day simple moving average of $252.97. The stock has a market cap of $109.33 billion, a price-to-earnings ratio of 71.76, a PEG ratio of 3.02 and a beta of 2.30.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating 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%. As a group, analysts expect that AppLovin Co. will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction 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. The trade was a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Herald Y. Chen sold 400 shares of AppLovin stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the transaction, the chief financial officer now directly owns 207,649 shares in the company, valued at approximately $76,032,757.84. The trade was a 0.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 224,872 shares of company stock valued at $82,158,554. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Townsquare Capital LLC boosted 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 buying an additional 3,126 shares during the last quarter. Second Half Financial Partners LLC purchased a new position in AppLovin in the third quarter worth $224,000. State Street Corp boosted its position in AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the last quarter. Eagle Asset Management Inc. boosted its position in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after purchasing an additional 500,407 shares during the last quarter. Finally, Zacks Investment Management boosted its position in AppLovin by 328.1% in the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after purchasing an additional 81,331 shares during the last quarter. 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.