AppLovin (NASDAQ:APP) Shares Down 7.4%

Shares of AppLovin Co. (NASDAQ:APP) were down 7.4% during trading on Tuesday . The company traded as low as $74.13 and last traded at $74.46. Approximately 3,429,758 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 4,253,220 shares. The stock had previously closed at $80.38.

Analyst Ratings Changes

Several equities research analysts recently commented on APP shares. BTIG Research raised their target price on AppLovin from $87.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. The Goldman Sachs Group lifted their target price on AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Citigroup lifted their price objective on shares of AppLovin from $80.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Stifel Nicolaus boosted their price target on AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Finally, Morgan Stanley increased their price objective on shares of AppLovin from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $71.72.

AppLovin Trading Down 1.2 %

The company has a market capitalization of $24.89 billion, a price-to-earnings ratio of 45.03, a price-to-earnings-growth ratio of 1.36 and a beta of 1.88. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59. The company’s fifty day simple moving average is $77.75 and its two-hundred day simple moving average is $59.68.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $973.70 million. During the same period in the prior year, the business earned ($0.01) EPS. AppLovin’s revenue for the quarter was up 47.9% compared to the same quarter last year. Research analysts forecast that AppLovin Co. will post 2.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 50,000 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $75.01, for a total value of $3,750,500.00. Following the completion of the transaction, the insider now owns 471,560 shares in the company, valued at approximately $35,371,715.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AppLovin news, CMO Katie Kihorany Jansen sold 12,755 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $79.01, for a total transaction of $1,007,772.55. Following the sale, the chief marketing officer now directly owns 1,236,703 shares of the company’s stock, valued at $97,711,904.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the completion of the transaction, the insider now directly owns 471,560 shares of the company’s stock, valued at approximately $35,371,715.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,726,239 shares of company stock worth $1,477,034,958. 14.69% of the stock is owned by insiders.

Hedge Funds Weigh In On AppLovin

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of AppLovin by 8.5% during the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock worth $723,245,000 after purchasing an additional 1,411,453 shares during the period. WCM Investment Management LLC bought a new position in AppLovin during the 1st quarter worth $497,488,000. Sapient Capital LLC acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $165,057,000. Jericho Capital Asset Management L.P. boosted its stake in shares of AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after buying an additional 2,525,240 shares during the period. Finally, Whale Rock Capital Management LLC acquired a new stake in AppLovin during the first quarter worth approximately $195,129,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.