Shares of AppLovin Corporation (NASDAQ:APP - Get Free Report) dropped 1.7% during mid-day trading on Wednesday . The company traded as low as $353.20 and last traded at $354.41. Approximately 1,348,404 shares changed hands during trading, a decline of 78% from the average daily volume of 6,092,723 shares. The stock had previously closed at $360.45.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on APP. Piper Sandler lifted their price target on shares of AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. UBS Group lifted their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Jefferies Financial Group upped their price objective on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a research report on Tuesday, June 3rd. Finally, FBN Securities assumed coverage on shares of AppLovin in a research report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $438.10.
View Our Latest Stock Analysis on AppLovin
AppLovin Stock Performance
The firm has a market capitalization of $115.86 billion, a PE ratio of 62.22, a price-to-earnings-growth ratio of 2.20 and a beta of 2.53. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The business's 50 day simple moving average is $328.71 and its two-hundred day simple moving average is $334.64.
AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period last year, the company posted $0.67 earnings per share. AppLovin's quarterly revenue was up 40.3% on a year-over-year basis. Research analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.
Insider Transactions at AppLovin
In related news, Director Dawson Alyssa Harvey sold 513 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the sale, the director now owns 3,451 shares of the company's stock, valued at approximately $1,450,455.30. This represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 33,700 shares of the firm's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $365.54, for a total value of $12,318,698.00. Following the transaction, the chief executive officer now owns 2,760,363 shares of the company's stock, valued at approximately $1,009,023,091.02. This represents a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Company insiders own 13.66% of the company's stock.
Institutional Trading of AppLovin
A number of hedge funds have recently added to or reduced their stakes in APP. Vanguard Group Inc. increased its stake in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after purchasing an additional 1,213,536 shares during the last quarter. FMR LLC boosted its stake in shares of AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after buying an additional 5,957,885 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of AppLovin in the 4th quarter worth approximately $1,781,922,000. Finally, Baillie Gifford & Co. lifted its position in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after buying an additional 1,185,859 shares during the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.
About AppLovin
(
Get Free Report)
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.
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