AppLovin (NASDAQ:APP) Trading Up 4% – What’s Next?

AppLovin Corporation (NASDAQ:APP)’s stock price traded up 4% on Tuesday . The company traded as high as $310.88 and last traded at $310.54. Approximately 3,975,444 shares changed hands during trading, a decline of 31% from the average daily volume of 5,744,262 shares. The stock had previously closed at $298.59.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. UBS Group decreased their target price on AppLovin from $798.00 to $790.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Raymond James Financial assumed coverage on shares of AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective for the company. Morgan Stanley cut their target price on AppLovin from $720.00 to $650.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Royal Bank Of Canada decreased their price objective on AppLovin from $700.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Needham & Company LLC dropped their price target on shares of AppLovin from $500.00 to $475.00 and set a “buy” rating for the company in a research report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $552.74.

AppLovin Stock Up 1.0%

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 stock’s 50 day simple moving average is $415.71 and its two-hundred day simple moving average is $445.83. The firm has a market cap of $104.13 billion, a P/E ratio of 23.91, a P/E/G ratio of 0.62 and a beta of 2.54.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting the consensus estimate of $3.76. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The company’s revenue was up 52.8% on a year-over-year basis. During the same period last year, the company earned $2.39 earnings per share. As a group, research analysts forecast that AppLovin Corporation will post 15.53 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the completion of the sale, the chief executive officer owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. This trade represents a 0.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This represents a 2.36% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 294,228 shares of company stock valued at $148,403,985. 12.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

A number of large investors have recently made changes to their positions in APP. California State Teachers Retirement System raised its holdings in AppLovin by 50,874.8% during the second quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company’s stock valued at $91,720,025,000 after acquiring an additional 177,668,406 shares during the period. State Street Corp increased its position in AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of AppLovin by 3,118.6% during the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after buying an additional 4,063,763 shares in the last quarter. Norges Bank bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $2,040,321,000. Finally, Bank of New York Mellon Corp purchased a new position in AppLovin during the second quarter worth $730,015,000. 41.85% of the stock is currently owned by 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.