AppLovin (NASDAQ:APP) Trading Up 5% – Here’s What Happened

AppLovin Corporation (NASDAQ:APP) rose 5% on Thursday . The company traded as high as $569.92 and last traded at $569.24. Approximately 5,158,810 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 5,266,042 shares. The stock had previously closed at $542.36.

Wall Street Analysts Forecast Growth

Several analysts have commented on APP shares. The Goldman Sachs Group increased their target price on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Evercore ISI began coverage on AppLovin in a research report on Wednesday, January 14th. They set an “outperform” rating and a $835.00 price objective on the stock. Oppenheimer set a $740.00 price objective on AppLovin in a report on Tuesday, October 7th. Royal Bank Of Canada boosted their target price on AppLovin from $700.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings downgraded shares of AppLovin from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $706.45.

AppLovin Stock Up 5.0%

The company’s 50-day simple moving average is $635.31 and its two-hundred day simple moving average is $564.95. The firm has a market capitalization of $192.37 billion, a P/E ratio of 69.08, a P/E/G ratio of 1.79 and a beta of 2.50. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25.

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

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 27,143 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the sale, the chief technology officer owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 4,069 shares of AppLovin stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the transaction, the chief executive officer directly owned 2,998,948 shares in the company, valued at $1,491,976,630. This represents a 0.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 340,336 shares of company stock valued at $200,062,623. 13.66% of the stock is owned by insiders.

Institutional Investors Weigh In On AppLovin

A number of institutional investors have recently added to or reduced their stakes in the stock. CBIZ Investment Advisory Services LLC lifted its holdings in shares of AppLovin by 58.6% in the third quarter. CBIZ Investment Advisory Services LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 17 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its holdings in AppLovin by 2.9% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock valued at $431,000 after acquiring an additional 18 shares during the last quarter. Verdence Capital Advisors LLC lifted its stake in AppLovin by 5.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock worth $224,000 after purchasing an additional 18 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of AppLovin by 2.8% during the 3rd quarter. Versant Capital Management Inc now owns 701 shares of the company’s stock valued at $504,000 after purchasing an additional 19 shares during the last quarter. Finally, Claro Advisors LLC boosted its holdings in shares of AppLovin by 3.2% during the 3rd quarter. Claro Advisors LLC now owns 647 shares of the company’s stock valued at $465,000 after purchasing an additional 20 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.