AppLovin (NASDAQ:APP) Stock Price Up 2.2% – Here’s Why

AppLovin Corporation (NASDAQ:APP)’s stock price shot up 2.2% on Friday . The stock traded as high as $323.80 and last traded at $320.56. Approximately 3,749,801 shares were traded during mid-day trading, a decline of 34% from the average session volume of 5,681,902 shares. The stock had previously closed at $313.58.

Analysts Set New Price Targets

APP has been the topic of several research analyst reports. Piper Sandler cut their target price on shares of AppLovin from $385.00 to $325.00 and set a “neutral” rating on the stock in a research note on Friday, August 21st. Morgan Stanley dropped their price objective on shares of AppLovin from $720.00 to $650.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. UBS Group cut their price objective on shares of AppLovin from $798.00 to $790.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Citigroup reduced their target price on AppLovin from $710.00 to $650.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Finally, Bank of America reaffirmed a “neutral” rating and set a $400.00 price target (down from $430.00) on shares of AppLovin in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $538.61.

AppLovin Trading Up 2.2%

The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. The firm has a market capitalization of $107.28 billion, a P/E ratio of 24.64, a PEG ratio of 0.68 and a beta of 2.49. The firm has a 50 day simple moving average of $394.59 and a two-hundred day simple moving average of $440.28.

AppLovin (NASDAQ:APP) last announced its earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, meeting the consensus estimate of $3.76. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the prior year, the company posted $2.39 earnings per share. The firm’s revenue for the quarter was up 52.8% on a year-over-year basis. Equities research analysts forecast that AppLovin Corporation will post 15.53 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Jr sold 3,076 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the transaction, the director owned 120,444 shares in the company, valued at $62,786,252.76. The trade was a 2.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 271,152 shares of company stock worth $135,295,830. Insiders own 12.81% of the company’s stock.

Institutional Trading of AppLovin

Large investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its holdings in shares of AppLovin by 50,874.8% in the 2nd quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company’s stock worth $91,720,025,000 after purchasing an additional 177,668,406 shares during the period. State Street Corp grew its holdings in shares of AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after purchasing an additional 52,377 shares in the last quarter. Geode Capital Management LLC lifted its stake in AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after purchasing an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock worth $4,103,386,000 after acquiring an additional 212,349 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after buying an additional 538,806 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.