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

AppLovin Corporation (NASDAQ:APP) was up 5.1% on Friday . The stock traded as high as $627.11 and last traded at $620.00. Approximately 4,067,755 shares traded hands during trading, a decline of 44% from the average daily volume of 7,303,170 shares. The stock had previously closed at $589.70.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on APP shares. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Zacks Research lowered shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. The Goldman Sachs Group restated a “neutral” rating and set a $630.00 price target on shares of AppLovin in a research report on Tuesday, October 14th. Wall Street Zen lowered shares of AppLovin from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Jefferies Financial Group boosted their price target on shares of AppLovin from $560.00 to $615.00 and gave the company a “buy” rating in a research report on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and a consensus target price of $605.13.

AppLovin Trading Up 5.1%

The firm’s 50-day simple moving average is $569.09 and its 200-day simple moving average is $424.16. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $209.72 billion, a PE ratio of 88.07, a price-to-earnings-growth ratio of 3.37 and a beta of 2.53.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted $0.89 earnings per share. The company’s revenue was up 77.1% on a year-over-year basis. Equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider owned 269,955 shares of the company’s stock, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Corporate insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several hedge funds and other institutional investors have recently modified their holdings of the company. Optas LLC raised its stake in AppLovin by 2.5% in the third quarter. Optas LLC now owns 877 shares of the company’s stock worth $630,000 after buying an additional 21 shares in the last quarter. Bartlett & CO. Wealth Management LLC raised its stake in AppLovin by 19.6% in the third quarter. Bartlett & CO. Wealth Management LLC now owns 134 shares of the company’s stock worth $96,000 after buying an additional 22 shares in the last quarter. Avestar Capital LLC increased its stake in shares of AppLovin by 2.1% during the second quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock valued at $391,000 after purchasing an additional 23 shares in the last quarter. Proffitt & Goodson Inc. increased its stake in shares of AppLovin by 65.7% during the third quarter. Proffitt & Goodson Inc. now owns 58 shares of the company’s stock valued at $42,000 after purchasing an additional 23 shares in the last quarter. Finally, Calamos Wealth Management LLC increased its stake in shares of AppLovin by 0.3% during the third quarter. Calamos Wealth Management LLC now owns 8,811 shares of the company’s stock valued at $6,331,000 after purchasing an additional 27 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Company Profile

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.