AppLovin (NASDAQ:APP) Stock Price Up 1.1% – Still a Buy?

Shares of AppLovin Corporation (NASDAQ:APP) rose 1.1% on Wednesday . The stock traded as high as $315.34 and last traded at $310.79. 4,385,302 shares were traded during trading, a decline of 24% from the average session volume of 5,772,358 shares. The stock had previously closed at $307.26.

Analyst Ratings Changes

APP has been the subject of a number of research analyst reports. Piper Sandler cut shares of AppLovin from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $665.00 to $385.00 in a research report on Thursday, August 6th. Scotiabank reaffirmed a “sector outperform” rating and issued a $515.00 price target on shares of AppLovin in a research note on Thursday, August 6th. KeyCorp set a $775.00 price objective on AppLovin in a research note on Wednesday, June 10th. Royal Bank Of Canada lowered their price target on AppLovin from $700.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Finally, BTIG Research reduced their price objective on AppLovin from $574.00 to $408.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $556.43.

AppLovin Price Performance

The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30. The stock’s fifty day moving average is $438.54 and its 200-day moving average is $452.21. The stock has a market cap of $104.01 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 0.63 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 for the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a net margin of 64.58% and a return on equity of 193.10%. AppLovin’s revenue was up 52.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.39 EPS. As a group, equities analysts anticipate that AppLovin Corporation will post 15.57 EPS for the current year.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 62,804 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the completion of the transaction, the chief technology officer directly owned 3,189,739 shares in the company, valued at approximately $1,545,173,366.38. This represents a 1.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 in the last ninety days. Company insiders own 12.81% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cassaday & Co Wealth Management LLC acquired a new stake in AppLovin in the 1st quarter valued at approximately $25,000. Washington Trust Advisors Inc. raised its holdings in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in AppLovin during the 4th quarter worth about $27,000. Pioneer Family Office LLC purchased a new position in AppLovin during the 2nd quarter valued at about $31,000. Finally, Laurel Wealth Advisors LLC acquired a new position in AppLovin in the 4th quarter valued at about $32,000. 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.