Shares of AppLovin Co. (NASDAQ:APP – Get Free Report) rose 1.9% on Tuesday . The company traded as high as $354.00 and last traded at $348.99. Approximately 1,274,968 shares traded hands during trading, a decline of 67% from the average daily volume of 3,883,924 shares. The stock had previously closed at $342.34.
Wall Street Analyst Weigh In
APP has been the subject of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. Piper Sandler started coverage on shares of AppLovin in a report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price target on the stock. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Citigroup raised their price target on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $338.06.
Get Our Latest Stock Report on AppLovin
AppLovin Stock Performance
AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm posted $0.30 earnings per share. The firm’s quarterly revenue was up 38.6% compared to the same quarter last year. Research analysts anticipate that AppLovin Co. will post 4.06 EPS for the current year.
Insider Buying and Selling at AppLovin
In other news, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the transaction, the chief marketing officer now owns 1,017,388 shares in the company, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Herald Y. Chen sold 400 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $366.16, for a total value of $146,464.00. Following the sale, the chief financial officer now owns 207,649 shares of the company’s stock, valued at $76,032,757.84. The trade was a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 888,867 shares of company stock valued at $284,773,062. Company insiders own 14.69% of the company’s stock.
Institutional Investors Weigh In On AppLovin
A number of large investors have recently modified their holdings of the business. Townsquare Capital LLC raised its stake in AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock worth $1,037,000 after purchasing an additional 3,126 shares during the period. Second Half Financial Partners LLC acquired a new stake in shares of AppLovin during the 3rd quarter worth approximately $224,000. State Street Corp raised its position in shares of AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the period. Eagle Asset Management Inc. grew its position in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the period. Finally, Zacks Investment Management grew its position in AppLovin by 328.1% in the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after acquiring an additional 81,331 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.
About AppLovin
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.
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