AppLovin Corporation (NASDAQ:APP – Get Free Report)’s share price hit a new 52-week high during trading on Monday after Morgan Stanley raised their price target on the stock from $480.00 to $750.00. Morgan Stanley currently has an overweight rating on the stock. AppLovin traded as high as $702.77 and last traded at $710.40, with a volume of 935094 shares trading hands. The stock had previously closed at $669.86.
Several other brokerages have also commented on APP. Scotiabank reaffirmed an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. Wall Street Zen lowered AppLovin from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. BTIG Research increased their target price on AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Wells Fargo & Company increased their target price on AppLovin from $480.00 to $491.00 and gave the stock an “overweight” rating in a research note on Thursday, August 21st. Finally, Jefferies Financial Group increased their target price on AppLovin from $560.00 to $615.00 and gave the stock a “buy” rating in a research note on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $553.62.
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Insider Buying and Selling
In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This trade represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock worth $514,863,333 in the last quarter. Company insiders own 13.66% of the company’s stock.
Institutional Investors Weigh In On AppLovin
Several large investors have recently bought and sold shares of the stock. Atala Financial Inc purchased a new position in shares of AppLovin in the 1st quarter valued at about $26,000. Hilltop National Bank purchased a new position in shares of AppLovin in the 2nd quarter valued at about $26,000. LFA Lugano Financial Advisors SA purchased a new position in shares of AppLovin in the 2nd quarter valued at about $26,000. Alpine Bank Wealth Management purchased a new position in shares of AppLovin in the 1st quarter valued at about $27,000. Finally, ORG Wealth Partners LLC purchased a new position in shares of AppLovin in the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.
AppLovin Trading Up 0.9%
The firm has a market cap of $243.05 billion, a PE ratio of 102.07, a P/E/G ratio of 3.93 and a beta of 2.44. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The business has a fifty day moving average price of $494.89 and a 200 day moving average price of $383.21.
AppLovin (NASDAQ:APP – Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the business posted $0.89 EPS. The business’s revenue for the quarter was up 77.1% on a year-over-year basis. Analysts forecast that AppLovin Corporation will post 6.87 EPS for the current year.
About AppLovin
(Get Free Report)
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.
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