AppLovin (NASDAQ:APP) Trading Up 5.1% – Time to Buy?

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

Analysts Set New Price Targets

APP has been the topic of a number of recent research reports. Piper Sandler boosted their target price on AppLovin from $740.00 to $800.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. UBS Group reissued a “buy” rating and issued a $775.00 price target on shares of AppLovin in a research note on Thursday, December 11th. Citigroup dropped their price objective on AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a report on Wednesday, November 12th. Bank of America lifted their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $696.60.

AppLovin Trading Up 5.1%

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

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the company earned $1.29 EPS. The company’s quarterly revenue was up 68.2% on a year-over-year basis. Research analysts predict that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the transaction, the chief technology officer owned 3,323,681 shares of the company’s stock, valued at approximately $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 30,888 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $520.29, for a total value of $16,070,717.52. Following the sale, the chief executive officer owned 2,553,161 shares in the company, valued at $1,328,384,136.69. The trade was a 1.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 340,336 shares of company stock worth $200,062,623. 13.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppLovin

Large investors have recently modified their holdings of the stock. Overbrook Management Corp acquired a new stake in shares of AppLovin in the fourth quarter valued at approximately $10,179,000. SG Americas Securities LLC boosted its position in AppLovin by 114.7% in the 4th quarter. SG Americas Securities LLC now owns 77,158 shares of the company’s stock valued at $51,991,000 after buying an additional 41,215 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of AppLovin by 15.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 6,725 shares of the company’s stock valued at $4,531,000 after buying an additional 891 shares during the period. Fulton Bank N.A. increased its stake in shares of AppLovin by 8.3% in the 4th quarter. Fulton Bank N.A. now owns 8,717 shares of the company’s stock valued at $5,874,000 after buying an additional 671 shares during the period. Finally, Regent Peak Wealth Advisors LLC bought a new stake in shares of AppLovin during the fourth quarter worth $273,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.