AppLovin (NASDAQ:APP) Trading 1.6% Higher – Here’s What Happened

AppLovin Corporation (NASDAQ:APP)’s stock price shot up 1.6% during trading on Friday . The stock traded as high as $335.45 and last traded at $317.76. 6,601,037 shares were traded during trading, an increase of 15% from the average session volume of 5,726,245 shares. The stock had previously closed at $312.63.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on APP. Royal Bank Of Canada reduced their price target on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. KeyCorp set a $775.00 target price on AppLovin in a research note on Wednesday, June 10th. BTIG Research dropped their price target on AppLovin from $574.00 to $408.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group lowered their target price on shares of AppLovin from $585.00 to $465.00 and set a “neutral” rating on the stock in a research note on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $552.74.

AppLovin Trading Up 1.6%

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 $106.34 billion, a PE ratio of 24.42, a P/E/G ratio of 0.62 and a beta of 2.54. The stock’s 50-day simple moving average is $412.57 and its 200-day simple moving average is $445.16.

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

Insider Transactions at AppLovin

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director directly owned 120,444 shares of the company’s stock, valued at $62,786,252.76. This represents a 2.49% 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 Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 294,228 shares of company stock valued at $148,403,985. Company insiders own 12.81% of the company’s stock.

Institutional Trading of AppLovin

A number of hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its holdings in AppLovin by 50,874.8% in the second quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company’s stock worth $91,720,025,000 after acquiring an additional 177,668,406 shares in the last quarter. State Street Corp lifted its stake in shares of AppLovin by 0.4% in the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after buying an additional 52,377 shares in the last quarter. Geode Capital Management LLC boosted its stake in AppLovin by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock valued at $4,817,269,000 after purchasing an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in 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 buying an additional 212,349 shares in the last quarter. Finally, Morgan Stanley raised its holdings 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 purchasing an additional 538,806 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

About AppLovin

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.