AppLovin (NASDAQ:APP) Trading 1.9% Higher – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s stock price rose 1.9% on Tuesday . The stock traded as high as $271.65 and last traded at $269.97. Approximately 1,977,921 shares traded hands during trading, a decline of 64% from the average daily volume of 5,487,228 shares. The stock had previously closed at $264.97.

Analysts Set New Price Targets

APP has been the subject of several recent analyst reports. Citigroup lifted their price objective on shares of AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Bank of America upped their price target on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Oppenheimer reissued an “outperform” rating on shares of AppLovin in a research note on Thursday, March 27th. Arete Research set a $200.00 target price on AppLovin in a research note on Wednesday, March 5th. Finally, Macquarie raised their price target on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $435.47.

AppLovin Price Performance

The firm has a market capitalization of $93.14 billion, a PE ratio of 60.44, a P/E/G ratio of 3.02 and a beta of 2.33. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a fifty day moving average price of $350.31 and a 200-day moving average price of $285.50.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Sell-side analysts forecast that AppLovin Co. will post 6.87 EPS for the current fiscal year.

Insider Activity

In related news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $241.65, for a total value of $4,228,875.00. Following the completion of the sale, the chief technology officer now directly owns 88,389 shares in the company, valued at $21,359,201.85. This trade represents a 16.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Adam Foroughi sold 44,400 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $410.89, for a total transaction of $18,243,516.00. Following the completion of the transaction, the chief executive officer now directly owns 2,869,492 shares of the company’s stock, valued at approximately $1,179,045,567.88. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 306,900 shares of company stock worth $106,401,841. Insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Large investors have recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC increased its holdings in AppLovin by 38.2% in the 4th quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock worth $34,000 after buying an additional 29 shares during the period. HighPoint Advisor Group LLC boosted its holdings in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after acquiring an additional 31 shares during the last quarter. Quadrant Capital Group LLC increased its stake in shares of AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock worth $170,000 after acquiring an additional 33 shares during the period. Forum Financial Management LP lifted its position in AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock valued at $1,223,000 after purchasing an additional 33 shares during the period. Finally, Truvestments Capital LLC boosted its holdings in AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company’s stock valued at $1,696,000 after purchasing an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

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.