AppLovin Corporation (NASDAQ:APP – Get Free Report) shares rose 7.5% on Friday . The stock traded as high as $482.31 and last traded at $479.5590. Approximately 1,538,797 shares changed hands during trading, a decline of 72% from the average session volume of 5,505,304 shares. The stock had previously closed at $445.93.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Morgan Stanley reissued an “overweight” rating on shares of AppLovin in a report on Wednesday, May 27th. Needham & Company LLC restated a “buy” rating and issued a $700.00 target price on shares of AppLovin in a research report on Thursday, May 28th. Piper Sandler reaffirmed an “overweight” rating on shares of AppLovin in a research note on Tuesday, June 9th. Finally, JPMorgan Chase & Co. boosted their price target on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $669.62.
Get Our Latest Stock Report on AppLovin
AppLovin Price Performance
AppLovin (NASDAQ:APP – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the business earned $1.67 earnings per share. The business’s revenue was up 58.9% compared to the same quarter last year. On average, sell-side analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.
Insider Buying and Selling
In other AppLovin news, CEO Arash Adam Foroughi sold 22,544 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the completion of the sale, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. This trade represents a 0.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. This represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 389,924 shares of company stock worth $195,693,875 over the last quarter. Corporate insiders own 13.66% of the company’s stock.
Institutional Trading of AppLovin
Several hedge funds have recently made changes to their positions in APP. Cassaday & Co Wealth Management LLC acquired a new position in AppLovin in the first quarter valued at approximately $25,000. Board of the Pension Protection Fund acquired a new stake in AppLovin during the fourth quarter worth $27,000. Washington Trust Advisors Inc. raised its position in AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin in the 4th quarter valued at $27,000. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of AppLovin in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.
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.
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