AppLovin Corporation (NASDAQ:APP - Get Free Report) shares rose 3.7% on Thursday . The stock traded as high as $368.95 and last traded at $368.67. Approximately 1,703,773 shares traded hands during trading, a decline of 73% from the average daily volume of 6,245,657 shares. The stock had previously closed at $355.50.
Wall Street Analysts Forecast Growth
APP has been the subject of several recent research reports. The Goldman Sachs Group increased their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. lifted their price objective on AppLovin from $355.00 to $400.00 and gave the company a "neutral" rating in a report on Tuesday, June 3rd. Morgan Stanley lifted their price objective on AppLovin from $420.00 to $460.00 and gave the company an "overweight" rating in a report on Monday, June 9th. FBN Securities began coverage on AppLovin in a report on Friday, March 28th. They issued an "outperform" rating and a $385.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $438.43.
Read Our Latest Research Report on AppLovin
AppLovin Price Performance
The stock has a market capitalization of $123.27 billion, a PE ratio of 65.81, a PEG ratio of 2.12 and a beta of 2.42. 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 company's 50 day simple moving average is $361.80 and its 200 day simple moving average is $334.81.
AppLovin (NASDAQ:APP - Get Free Report) last released 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 firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. AppLovin's revenue for the quarter was up 40.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 EPS. On average, equities analysts anticipate that AppLovin Corporation will post 6.87 earnings per share for the current year.
Insider Activity at AppLovin
In other news, CTO Vasily Shikin sold 34,766 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the sale, the chief technology officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Barbara Messing sold 1,500 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $382.46, for a total transaction of $573,690.00. Following the sale, the director directly owned 9,510 shares of the company's stock, valued at $3,637,194.60. This represents a 13.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,212,968 shares of company stock worth $455,062,980. 13.66% of the stock is owned by corporate insiders.
Institutional Trading of AppLovin
A number of institutional investors have recently added to or reduced their stakes in APP. Revolve Wealth Partners LLC acquired a new position in AppLovin in the 4th quarter worth $294,000. Proficio Capital Partners LLC acquired a new stake in shares of AppLovin in the 4th quarter valued at about $474,000. Commonwealth Equity Services LLC raised its stake in shares of AppLovin by 25.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 12,749 shares of the company's stock valued at $4,128,000 after purchasing an additional 2,565 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of AppLovin by 15.3% in the 4th quarter. Corient Private Wealth LLC now owns 19,556 shares of the company's stock valued at $5,986,000 after purchasing an additional 2,592 shares in the last quarter. Finally, Cibc World Markets Corp raised its stake in shares of AppLovin by 34.6% in the 4th quarter. Cibc World Markets Corp now owns 16,027 shares of the company's stock valued at $5,190,000 after purchasing an additional 4,124 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.
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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