AppLovin (NASDAQ:APP) Hits New 52-Week High at $128.63

AppLovin Co. (NASDAQ:APP) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $128.63 and last traded at $128.32, with a volume of 151879 shares trading hands. The stock had previously closed at $126.12.

Analysts Set New Price Targets

Several research firms have issued reports on APP. Benchmark lifted their price objective on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $100.00 to $145.00 in a research note on Tuesday, September 17th. BTIG Research increased their price objective on shares of AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Citigroup raised their price objective on shares of AppLovin from $110.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Bank of America upped their target price on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.09.

AppLovin Stock Up 0.6 %

The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a 50-day moving average of $88.69 and a two-hundred day moving average of $80.97. The stock has a market capitalization of $41.73 billion, a price-to-earnings ratio of 75.07, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm’s quarterly revenue was up 44.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, sell-side analysts anticipate that AppLovin Co. will post 3.46 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the transaction, the chief marketing officer now directly owns 1,164,396 shares in the company, valued at $88,121,489.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares in the company, valued at $900,711.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 775,934 shares of company stock valued at $65,805,022. 14.69% of the stock is owned by company insiders.

Institutional Trading of AppLovin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Precision Wealth Strategies LLC bought a new stake in AppLovin in the 4th quarter valued at $324,000. Norges Bank acquired a new stake in AppLovin in the fourth quarter valued at about $43,973,000. Franklin Resources Inc. increased its position in AppLovin by 154.9% during the 4th quarter. Franklin Resources Inc. now owns 235,187 shares of the company’s stock worth $9,372,000 after purchasing an additional 142,938 shares in the last quarter. Contrarius Investment Management Ltd bought a new stake in AppLovin during the 4th quarter worth $7,334,000. Finally, Treasurer of the State of North Carolina grew its stake in shares of AppLovin by 0.8% in the fourth quarter. Treasurer of the State of North Carolina now owns 96,140 shares of the company’s stock worth $3,831,000 after purchasing an additional 807 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.