AppLovin (NASDAQ:APP) Shares Up 1.7% - Here's Why

Shares of AppLovin Co. (NASDAQ:APP - Get Free Report) traded up 1.7% during trading on Thursday . The company traded as high as $428.99 and last traded at $423.58. 2,116,312 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 6,080,502 shares. The stock had previously closed at $416.52.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on APP shares. Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 target price (down previously from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. Jefferies Financial Group increased their price objective on shares of AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company lifted their target price on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. HSBC set a $436.00 target price on AppLovin and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Finally, Loop Capital reissued a "buy" rating and set a $650.00 price target on shares of AppLovin in a research report on Friday, March 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $436.10.

AppLovin Stock Performance

The stock has a market capitalization of $141.41 billion, a price-to-earnings ratio of 92.05, a P/E/G ratio of 3.02 and a beta of 2.53. The company's fifty day simple moving average is $311.16 and its 200 day simple moving average is $332.29. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. AppLovin's quarterly revenue was up 40.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.67 EPS. On average, equities research analysts expect that AppLovin Co. will post 6.87 earnings per share for the current year.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 17,500 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the sale, the chief technology officer now owns 88,389 shares of the company's stock, valued at $21,359,201.85. The trade was a 16.53% 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 stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the transaction, the chief financial officer now owns 192,421 shares in the company, valued at approximately $81,394,083. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,228,968 shares of company stock valued at $458,718,165. 14.69% of the stock is owned by insiders.

Institutional Investors Weigh In On AppLovin

Institutional investors have recently made changes to their positions in the stock. GHP Investment Advisors Inc. bought a new stake in shares of AppLovin during the 4th quarter valued at $25,000. Fuller & Thaler Asset Management Inc. acquired a new position in AppLovin in the fourth quarter valued at about $25,000. Atala Financial Inc acquired a new position in AppLovin in the first quarter valued at about $26,000. Alpine Bank Wealth Management bought a new stake in AppLovin during the first quarter worth about $27,000. Finally, Riverview Trust Co grew its stake in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after buying an additional 82 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

About AppLovin

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.