AppLovin (NASDAQ:APP) Shares Up 1.6% – Should You Buy?

AppLovin Corporation (NASDAQ:APP)’s share price was up 1.6% on Friday . The stock traded as high as $335.45 and last traded at $317.76. Approximately 6,601,037 shares were traded during trading, an increase of 15% from the average session volume of 5,726,245 shares. The stock had previously closed at $312.63.

Analysts Set New Price Targets

Several research firms have recently commented on APP. Needham & Company LLC reduced their price objective on AppLovin from $500.00 to $475.00 and set a “buy” rating for the company in a research note on Wednesday. Bank of America reissued a “neutral” rating and set a $400.00 price target (down from $430.00) on shares of AppLovin in a report on Tuesday, August 11th. Phillip Securities raised AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 target price on shares of AppLovin in a report on Thursday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $552.74.

AppLovin Price Performance

The firm has a 50 day moving average of $412.57 and a 200-day moving average of $445.16. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. The company has a market cap of $106.34 billion, a P/E ratio of 24.42, a P/E/G ratio of 0.62 and a beta of 2.54.

AppLovin (NASDAQ:APP) last posted its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting the consensus estimate of $3.76. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. AppLovin’s quarterly revenue was up 52.8% on a year-over-year basis. During the same period last year, the company posted $2.39 earnings per share. On average, equities research analysts predict that AppLovin Corporation will post 15.53 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the sale, the director owned 120,444 shares in the company, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the transaction, the insider owned 243,961 shares of the company’s stock, valued at $138,055,090.29. This trade represents a 7.58% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 294,228 shares of company stock valued at $148,403,985. 12.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On AppLovin

Several hedge funds and other institutional investors have recently made changes to their positions in APP. California State Teachers Retirement System raised its position in AppLovin by 50,874.8% in the 2nd quarter. California State Teachers Retirement System now owns 178,017,633 shares of the company’s stock worth $91,720,025,000 after purchasing an additional 177,668,406 shares during the period. State Street Corp grew its position in shares of AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after buying an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC increased its stake in shares of AppLovin by 3,118.6% during the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after buying an additional 4,063,763 shares during the period. Norges Bank purchased a new stake in AppLovin in the fourth quarter worth about $2,040,321,000. Finally, Bank of New York Mellon Corp purchased a new position in AppLovin during the 2nd quarter valued at about $730,015,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Company Profile

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.