AppLovin (NASDAQ:APP) Stock Price Up 4.9% – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s stock price rose 4.9% on Tuesday . The company traded as high as $261.00 and last traded at $249.78. Approximately 4,800,899 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 5,078,897 shares. The stock had previously closed at $238.08.

Wall Street Analysts Forecast Growth

Several brokerages have commented on APP. The Goldman Sachs Group boosted their target price on shares of AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Bank of America upped their price objective on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday, February 13th. Citigroup increased their price objective on shares of AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler increased their price objective on shares of AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $438.28.

AppLovin Price Performance

The firm has a market capitalization of $92.47 billion, a price-to-earnings ratio of 59.91, a PEG ratio of 3.02 and a beta of 2.33. The business’s fifty day simple moving average is $358.15 and its 200 day simple moving average is $265.29. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating 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%. On average, research analysts forecast that AppLovin Co. will post 6.87 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 17,500 shares of the business’s 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 sale, the chief technology officer now owns 88,389 shares of the company’s stock, valued at $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the sale, the insider now directly owns 372,205 shares in the company, valued at $116,526,219.35. This trade represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 322,871 shares of company stock valued at $111,401,882. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. FMR LLC increased its holdings in shares of AppLovin by 75.5% in the fourth quarter. FMR LLC now owns 13,851,122 shares of the company’s stock worth $4,485,409,000 after purchasing an additional 5,957,885 shares during the period. SVB Wealth LLC bought a new position in shares of AppLovin in the fourth quarter worth $1,781,922,000. State Street Corp increased its holdings in shares of AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the period. Geode Capital Management LLC increased its holdings in shares of AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock worth $1,462,144,000 after purchasing an additional 573,310 shares during the period. Finally, Baillie Gifford & Co. increased its holdings in shares of AppLovin by 5,421.4% in the fourth quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after purchasing an additional 4,010,520 shares during the period. 41.85% of the stock is owned by institutional investors.

About AppLovin

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.