Shares of AppLovin Corporation (NASDAQ:APP - Get Free Report) rose 2.1% during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $491.00 to $633.00. Wells Fargo & Company currently has an overweight rating on the stock. AppLovin traded as high as $615.38 and last traded at $602.30. Approximately 3,517,365 shares traded hands during trading, a decline of 53% from the average daily volume of 7,418,440 shares. The stock had previously closed at $590.03.
Several other equities analysts have also recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research note on Friday, September 5th. Wedbush lifted their target price on AppLovin from $725.00 to $745.00 and gave the stock an "outperform" rating in a report on Monday, October 6th. Weiss Ratings reissued a "buy (b-)" rating on shares of AppLovin in a report on Wednesday, October 8th. Morgan Stanley boosted their price target on AppLovin from $480.00 to $750.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Finally, BTIG Research boosted their price target on AppLovin from $547.00 to $664.00 and gave the company a "buy" rating in a research note on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $600.59.
Read Our Latest Stock Report on AppLovin
Insider Activity
In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the transaction, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total value of $86,498,000.00. Following the transaction, the director owned 181,929 shares in the company, valued at $78,682,473.21. The trade was a 52.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,156,788 shares of company stock worth $514,863,333. Company insiders own 13.66% of the company's stock.
Institutional Investors Weigh In On AppLovin
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Inspire Investing LLC raised its position in AppLovin by 7.8% in the 3rd quarter. Inspire Investing LLC now owns 15,060 shares of the company's stock valued at $10,821,000 after buying an additional 1,095 shares during the last quarter. Cadent Capital Advisors LLC purchased a new stake in AppLovin in the 3rd quarter valued at $2,700,000. Gemmer Asset Management LLC purchased a new stake in AppLovin in the 3rd quarter valued at $8,918,000. JGP Wealth Management LLC purchased a new stake in AppLovin in the 3rd quarter valued at $302,000. Finally, Norden Group LLC raised its position in AppLovin by 27.0% in the 3rd quarter. Norden Group LLC now owns 2,688 shares of the company's stock valued at $1,931,000 after buying an additional 571 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.
AppLovin Price Performance
The firm has a market capitalization of $203.73 billion, a PE ratio of 85.55, a price-to-earnings-growth ratio of 3.20 and a beta of 2.53. The business has a 50-day moving average of $545.78 and a 200 day moving average of $405.56. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.
AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the firm posted $0.89 EPS. The business's revenue was up 77.1% compared to the same quarter last year. As a group, research analysts anticipate that AppLovin Corporation will post 6.87 EPS for the current fiscal year.
AppLovin Company Profile
(
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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