Shares of AppLovin Corporation (NASDAQ:APP – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the twenty-three research firms that are covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $664.35.
APP has been the topic of a number of recent research reports. Wells Fargo & Company boosted their price objective on AppLovin from $560.00 to $571.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating and set a $700.00 target price on shares of AppLovin in a research report on Thursday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 price target on shares of AppLovin in a research note on Thursday, May 28th. Argus began coverage on AppLovin in a research note on Tuesday, April 14th. They issued a “buy” rating and a $520.00 price target on the stock. Finally, Scotiabank lifted their price objective on AppLovin from $750.00 to $775.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th.
Read Our Latest Research Report on APP
AppLovin Trading Down 3.7%
AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm’s revenue was up 58.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 earnings per share. On average, equities research analysts forecast that AppLovin will post 15.86 earnings per share for the current year.
Insider Buying and Selling
In other news, CTO Vasily Shikin sold 8,112 shares of AppLovin stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $483.67, for a total value of $3,923,531.04. Following the completion of the transaction, the chief technology officer owned 18,805 shares in the company, valued at approximately $9,095,414.35. This trade represents a 30.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 9,052 shares of the firm’s 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 $106,470,000. This trade represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 347,372 shares of company stock worth $164,641,603. 13.66% of the stock is currently owned by insiders.
Institutional Investors Weigh In On AppLovin
Institutional investors and hedge funds have recently bought and sold shares of the business. Cassaday & Co Wealth Management LLC purchased a new stake in AppLovin during the first quarter valued at about $25,000. Board of the Pension Protection Fund purchased a new position in AppLovin during the fourth quarter valued at approximately $27,000. Washington Trust Advisors Inc. lifted its position in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in shares of AppLovin during the 4th quarter valued at $27,000. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 41.85% of the company’s stock.
AppLovin Company Profile
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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