AppLovin (NASDAQ:APP) Trading 1.5% Higher - Here's Why

AppLovin Corporation (NASDAQ:APP - Get Free Report)'s share price shot up 1.5% on Wednesday . The company traded as high as $357.66 and last traded at $358.35. 1,197,046 shares were traded during mid-day trading, a decline of 81% from the average session volume of 6,236,523 shares. The stock had previously closed at $352.96.

Analysts Set New Price Targets

A number of research firms recently weighed in on APP. Scotiabank raised shares of AppLovin to a "strong-buy" rating in a research report on Tuesday, July 8th. FBN Securities started coverage on shares of AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. Wells Fargo & Company lifted their price objective on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. UBS Group lifted their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Wedbush raised shares of AppLovin to a "strong-buy" rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $438.43.

AppLovin Stock Up 0.7%

The firm has a market cap of $120.30 billion, a P/E ratio of 64.17, a P/E/G ratio of 2.10 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The firm's fifty day moving average is $361.32 and its 200 day moving average is $334.61.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. AppLovin's revenue was up 40.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 EPS. As a group, equities research analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $353.64, for a total value of $12,294,648.24. Following the completion of the sale, the chief technology officer owned 70,889 shares of the company's stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the sale, the chief financial officer directly owned 192,421 shares of the company's stock, valued at $81,394,083. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,212,968 shares of company stock worth $455,062,980. Company insiders own 13.66% of the company's stock.

Institutional Trading of AppLovin

A number of institutional investors have recently bought and sold shares of APP. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin in the 4th quarter valued at approximately $25,000. Tucker Asset Management LLC acquired a new position in AppLovin during the 4th quarter worth approximately $28,000. Atala Financial Inc acquired a new position in AppLovin during the 1st quarter worth approximately $26,000. Hoey Investments Inc. acquired a new position in AppLovin during the 2nd quarter worth approximately $35,000. Finally, ORG Wealth Partners LLC acquired a new position in AppLovin during the 1st quarter worth approximately $29,000. 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.