AppLovin (NASDAQ:APP) Shares Down 1.7% – Should You Sell?

AppLovin Corporation (NASDAQ:APP)’s share price fell 1.7% during trading on Thursday . The company traded as low as $309.41 and last traded at $313.58. Approximately 4,382,913 shares were traded during trading, a decline of 23% from the average daily volume of 5,692,827 shares. The stock had previously closed at $319.05.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on APP. UBS Group lowered their target price on AppLovin from $798.00 to $790.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. The Goldman Sachs Group decreased their price target on AppLovin from $585.00 to $465.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Wedbush lowered their price target on AppLovin from $640.00 to $610.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Benchmark dropped their price objective on AppLovin from $500.00 to $440.00 and set a “buy” rating on the stock in a research note on Monday, August 17th. Finally, BTIG Research cut their price objective on AppLovin from $574.00 to $408.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and an average target price of $538.61.

AppLovin Trading Down 1.7%

The stock has a market cap of $104.94 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 0.66 and a beta of 2.49. The business has a 50-day simple moving average of $400.36 and a two-hundred day simple moving average of $441.67. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30.

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

Insiders Place Their Bets

In other AppLovin news, CEO Arash Foroughi sold 33,042 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the transaction, the chief executive officer directly owned 2,369,351 shares in the company, valued at $1,153,755,469.45. The trade was a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director G Jr sold 3,076 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the transaction, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 274,228 shares of company stock valued at $137,086,185 over the last ninety days. 12.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System grew its position in AppLovin by 50,874.8% during 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 buying an additional 177,668,406 shares in the last quarter. State Street Corp raised its holdings in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after acquiring an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC raised its holdings in AppLovin by 3,118.6% in the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after acquiring an additional 4,063,763 shares in the last quarter. Norges Bank bought a new stake in shares of AppLovin during the 4th quarter valued at $2,040,321,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of AppLovin during the 2nd quarter worth $730,015,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.