AppLovin (NASDAQ:APP) Trading 2.3% Higher – Still a Buy?

AppLovin Corporation (NASDAQ:APP)’s share price traded up 2.3% on Wednesday . The stock traded as high as $320.83 and last traded at $319.05. 3,869,507 shares changed hands during trading, a decline of 32% from the average daily volume of 5,700,597 shares. The stock had previously closed at $311.74.

Wall Street Analysts Forecast Growth

APP has been the topic of several research reports. KeyCorp set a $775.00 price target on shares of AppLovin in a report on Wednesday, June 10th. Citigroup dropped their price objective on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Phillip Securities raised shares of AppLovin from a “moderate buy” rating to a “strong-buy” rating in a report on Tuesday, August 11th. Needham & Company LLC decreased their target price on shares of AppLovin from $500.00 to $475.00 and set a “buy” rating for the company in a research report on Wednesday, August 26th. Finally, BTIG Research cut their price target on AppLovin from $574.00 to $408.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $538.61.

AppLovin Price Performance

The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The company has a market capitalization of $106.77 billion, a price-to-earnings ratio of 24.52, a PEG ratio of 0.66 and a beta of 2.49. The stock’s 50-day simple moving average is $403.28 and its two-hundred day simple moving average is $442.00.

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

Insider Activity

In related news, CEO Arash Adam Foroughi sold 22,544 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. The trade was a 0.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Victoria Valenzuela sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 294,228 shares of company stock worth $148,403,985 over the last quarter. 12.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

A number of large investors have recently modified their holdings of the company. Cassaday & Co Wealth Management LLC acquired a new stake in AppLovin in the first quarter valued at $25,000. Washington Trust Advisors Inc. boosted its position in shares of AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of AppLovin in the 4th quarter valued at about $27,000. Pioneer Family Office LLC purchased a new position in shares of AppLovin in the 2nd quarter valued at about $31,000. Finally, First Pacific Financial acquired a new stake in shares of AppLovin during the 1st quarter worth about $33,000. 41.85% of the stock is owned by hedge funds and other 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.