AppLovin (NASDAQ:APP) Trading 5.1% Higher – Still a Buy?

AppLovin Corporation (NASDAQ:APP)’s share price was up 5.1% during trading on Friday . The stock traded as high as $649.77 and last traded at $647.72. Approximately 3,543,071 shares were traded during trading, a decline of 10% from the average daily volume of 3,923,634 shares. The stock had previously closed at $616.53.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Morgan Stanley increased their price objective on shares of AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Oppenheimer set a $740.00 target price on AppLovin in a research report on Tuesday, October 7th. Wells Fargo & Company lifted their price target on AppLovin from $721.00 to $735.00 and gave the company an “overweight” rating in a research report on Thursday. BTIG Research reissued a “buy” rating and issued a $771.00 price objective on shares of AppLovin in a research note on Wednesday, December 17th. Finally, Jefferies Financial Group upped their price objective on AppLovin from $800.00 to $860.00 and gave the company a “buy” rating in a report on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $696.60.

AppLovin Trading Up 5.1%

The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. The firm has a market capitalization of $218.90 billion, a P/E ratio of 78.61, a price-to-earnings-growth ratio of 2.09 and a beta of 2.50. The firm has a 50 day moving average price of $638.79 and a two-hundred day moving average price of $540.39.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.34 by $0.11. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.AppLovin’s revenue was up 68.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.29 earnings per share. On average, equities research analysts expect that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the sale, the chief technology officer owned 3,323,681 shares in the company, valued at $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 30,888 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $520.29, for a total transaction of $16,070,717.52. Following the completion of the transaction, the chief executive officer directly owned 2,553,161 shares of the company’s stock, valued at $1,328,384,136.69. This represents a 1.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 340,336 shares of company stock valued at $200,062,623 over the last ninety days. Corporate insiders own 13.66% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of AppLovin by 39.4% in the 3rd quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company’s stock valued at $17,930,776,000 after purchasing an additional 7,051,663 shares during the period. State Street Corp grew its position in AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after purchasing an additional 6,237,051 shares in the last quarter. Invesco Ltd. increased its stake in AppLovin by 9.4% in the 3rd quarter. Invesco Ltd. now owns 4,292,752 shares of the company’s stock valued at $3,084,514,000 after buying an additional 367,083 shares during the period. Jennison Associates LLC increased its stake in AppLovin by 55.2% in the 3rd quarter. Jennison Associates LLC now owns 3,886,150 shares of the company’s stock valued at $2,792,355,000 after buying an additional 1,381,970 shares during the period. Finally, Kensico Capital Management Corp lifted its position in AppLovin by 3.1% in the 3rd quarter. Kensico Capital Management Corp now owns 3,118,500 shares of the company’s stock worth $2,240,767,000 after buying an additional 95,000 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

About AppLovin

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.