AppLovin Corporation (NASDAQ:APP – Get Free Report)’s share price shot up 6.3% 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 $745.61 and last traded at $712.36. 11,887,527 shares were traded during mid-day trading, an increase of 59% from the average session volume of 7,473,101 shares. The stock had previously closed at $669.86.
A number of other equities research analysts have also recently issued reports on APP. Piper Sandler upped their price target on shares of AppLovin from $500.00 to $740.00 and gave the company an “overweight” rating in a report on Friday. Wedbush boosted their price objective on AppLovin from $620.00 to $725.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. UBS Group raised their target price on AppLovin from $540.00 to $810.00 and gave the company a “buy” rating in a report on Friday. Oppenheimer upped their price target on AppLovin from $500.00 to $740.00 and gave the stock an “outperform” rating in a report on Tuesday, September 23rd. Finally, Benchmark raised their price objective on shares of AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $553.62.
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Insider Activity
In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the sale, the director owned 7,283,292 shares of the company’s stock, valued at $3,394,014,072. This represents a 1.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total value of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. The trade was a 0.88% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the company. Avestar Capital LLC increased its position in shares of AppLovin by 2.1% during the 2nd quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock valued at $391,000 after purchasing an additional 23 shares during the last quarter. Vestcor Inc grew its position in AppLovin by 0.8% during the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock valued at $1,088,000 after buying an additional 33 shares during the period. RWA Wealth Partners LLC increased its holdings in AppLovin by 0.4% during the second quarter. RWA Wealth Partners LLC now owns 7,680 shares of the company’s stock worth $2,689,000 after buying an additional 33 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in AppLovin by 0.8% during the second quarter. Geneos Wealth Management Inc. now owns 4,431 shares of the company’s stock worth $1,551,000 after buying an additional 33 shares during the last quarter. Finally, Fortitude Family Office LLC raised its position in AppLovin by 32.7% in the second quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock worth $48,000 after acquiring an additional 34 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.
AppLovin Trading Up 6.3%
The stock’s 50 day simple moving average is $487.52 and its two-hundred day simple moving average is $380.87. The stock has a market capitalization of $240.96 billion, a PE ratio of 101.19, a PEG ratio of 3.69 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.
AppLovin (NASDAQ:APP – Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the firm posted $0.89 EPS. AppLovin’s revenue was up 77.1% on a year-over-year basis. On average, sell-side analysts expect that AppLovin Corporation will post 6.87 EPS for the current year.
AppLovin Company Profile
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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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