AppLovin (NASDAQ:APP) Stock Price Up 1.7% – What’s Next?

AppLovin Corporation (NASDAQ:APP) shares shot up 1.7% during trading on Monday . The company traded as high as $663.88 and last traded at $658.65. 4,361,143 shares changed hands during trading, an increase of 9% from the average session volume of 3,988,365 shares. The stock had previously closed at $647.72.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group upped their price objective on shares of AppLovin from $800.00 to $860.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Royal Bank Of Canada boosted their price target on shares of AppLovin from $700.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Wedbush upped their price target on shares of AppLovin from $745.00 to $800.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Scotiabank raised their price objective on shares of AppLovin from $575.00 to $750.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Finally, BTIG Research reissued a “buy” rating and set a $771.00 target price on shares of AppLovin in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $696.60.

AppLovin Stock Performance

The company’s 50-day moving average price is $639.53 and its two-hundred day moving average price is $547.55. The company has a market cap of $222.59 billion, a P/E ratio of 79.93, a price-to-earnings-growth ratio of 2.14 and a beta of 2.50. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 2.38.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the previous year, the firm earned $1.29 EPS. The business’s revenue for the quarter was up 68.2% on a year-over-year basis. As a group, equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 7,609 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the sale, the insider directly owned 277,110 shares of the company’s stock, valued at $182,097,294.30. The trade was a 2.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 4,069 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $497.50, for a total value of $2,024,327.50. Following the sale, the chief executive officer directly owned 2,998,948 shares of the company’s stock, valued at approximately $1,491,976,630. This represents a 0.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 340,336 shares of company stock worth $200,062,623 over the last quarter. 13.66% of the stock is currently owned by insiders.

Institutional Trading of AppLovin

A number of hedge funds have recently bought and sold shares of APP. Vanguard Group Inc. increased its position in shares of AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock worth $17,930,776,000 after acquiring an additional 7,051,663 shares in the last quarter. State Street Corp lifted its position in shares of AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares in the last quarter. Norges Bank acquired a new position in AppLovin in the 2nd quarter worth approximately $951,541,000. Rakuten Investment Management Inc. purchased a new position in AppLovin during the 3rd quarter worth approximately $1,456,108,000. Finally, Jennison Associates LLC grew its position in AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock worth $2,792,355,000 after purchasing an additional 1,381,970 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

About AppLovin

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.