AppLovin (NASDAQ:APP) Trading Up 1.5% – Here’s Why

AppLovin Corporation (NASDAQ:APP)’s share price was up 1.5% during trading on Tuesday . The stock traded as high as $679.69 and last traded at $668.63. Approximately 3,751,599 shares changed hands during trading, a decline of 5% from the average daily volume of 3,960,635 shares. The stock had previously closed at $658.65.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Scotiabank lifted their price objective on shares of AppLovin from $575.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Zacks Research raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. Piper Sandler boosted their price target on shares of AppLovin from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Oppenheimer set a $740.00 price objective on shares of AppLovin in a research report on Tuesday, October 7th. Finally, Royal Bank Of Canada boosted their target price on AppLovin from $700.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $700.35.

AppLovin Price Performance

The stock has a market cap of $225.97 billion, a price-to-earnings ratio of 81.14, a PEG ratio of 2.14 and a beta of 2.50. The company’s 50 day moving average is $639.53 and its 200 day moving average is $547.55. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 5th. The company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the company posted $1.29 earnings per share. The firm’s quarterly revenue was up 68.2% compared to the same quarter last year. Research analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 27,143 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the transaction, the chief technology officer owned 3,323,681 shares in the company, valued at $1,812,669,143.78. This trade represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eduardo Vivas sold 150,000 shares of AppLovin stock in a transaction on Monday, November 10th. The stock was sold at an average price of $650.91, for a total value of $97,636,500.00. Following the transaction, the director directly owned 7,133,292 shares of the company’s stock, valued at $4,643,131,095.72. This trade represents a 2.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 340,336 shares of company stock valued at $200,062,623 in the last ninety days. Corporate insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several hedge funds have recently added to or reduced their stakes in APP. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 39.4% in the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock valued at $17,930,776,000 after purchasing an additional 7,051,663 shares in the last quarter. State Street Corp raised its position in shares of AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares during the last quarter. Norges Bank acquired a new position in shares of AppLovin during the 2nd quarter worth approximately $951,541,000. Rakuten Investment Management Inc. purchased a new stake in AppLovin in the 3rd quarter valued at approximately $1,456,108,000. Finally, Jennison Associates LLC grew its holdings in AppLovin by 55.2% during the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after buying an additional 1,381,970 shares during the last quarter. 41.85% of the stock is currently 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.