AppLovin (NASDAQ:APP) Sets New 52-Week High – Here’s What Happened

AppLovin Co. (NASDAQ:APP)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $298.40 and last traded at $293.45, with a volume of 1310710 shares changing hands. The stock had previously closed at $283.96.

Analyst Ratings Changes

APP has been the subject of several research analyst reports. Macquarie upped their target price on AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Jefferies Financial Group upped their price objective on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Oppenheimer boosted their target price on shares of AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. The Goldman Sachs Group lowered shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the company from $103.00 to $150.00 in a research note on Monday, October 14th. Finally, Bank of America boosted their price objective on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $194.31.

AppLovin Price Performance

The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The company’s fifty day moving average is $159.14 and its two-hundred day moving average is $108.57. The stock has a market cap of $97.30 billion, a price-to-earnings ratio of 88.21, a P/E/G ratio of 3.49 and a beta of 1.86.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 EPS. As a group, research analysts predict that AppLovin Co. will post 4.06 earnings per share for the current year.

Insider Activity

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now owns 352,616 shares in the company, valued at $31,728,387.68. This represents a 3.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $84.14, for a total value of $12,999,630.00. Following the completion of the transaction, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at $381,192,483.70. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 235,542 shares of company stock valued at $32,012,275. 14.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

A number of large investors have recently modified their holdings of APP. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of AppLovin by 9,470.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock worth $17,336,000 after acquiring an additional 248,022 shares in the last quarter. WCM Investment Management LLC raised its holdings in AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. Acadian Asset Management LLC raised its holdings in AppLovin by 2,081.4% during the first quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after purchasing an additional 15,590 shares in the last quarter. Smithbridge Asset Management Inc. DE acquired a new position in shares of AppLovin in the 3rd quarter valued at $7,086,000. Finally, Clearbridge Investments LLC boosted its holdings in shares of AppLovin by 73.0% in the 2nd quarter. Clearbridge Investments LLC now owns 893,344 shares of the company’s stock valued at $74,344,000 after buying an additional 376,835 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.