AppLovin (NASDAQ:APP – Get Free Report) announced its quarterly results on Wednesday. The company reported earnings per share of $0.89 for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12, Briefing.com reports. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. AppLovin’s quarterly revenue grew 44.0% year-over-year. In the same quarter last year, the company generated earnings per share of $0.22. AppLovin has updated its third quarter 2024 earnings per share forecast.
AppLovin share performance
NASDAQ APP opened at $77.38 on Friday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59. AppLovin has a 12-month low of $33.17 and a 12-month high of $91.91. The company has a 50-day moving average of $80.00 and a 200-day moving average of $71.13. The company has a market cap of $25.46 billion, a price-to-earnings ratio of 46.06, a PEG ratio of 1.27 and a beta of 1.86.
Analysts set new price targets
Several equities analysts have recently commented on APP shares. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a report on Thursday, May 9th. Daiwa Capital Markets initiated coverage on shares of AppLovin in a research report on Monday, April 15th. They set a “neutral” rating and an $80.00 price target on the stock. BTIG Research raised their price target on AppLovin from $87.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Wedbush decreased their price target on AppLovin from $100.00 to $90.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Citigroup raised their price target on AppLovin shares from $80.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, May 10. One research analyst has rated the stock with a “sell,” five have given a “hold” rating and twelve have given a “buy” rating. The company currently has an average rating of “moderate buy” and an average price target of $71.60, according to MarketBeat.com.
Read our latest stock analysis on AppLovin
Insider activity
In other news, major shareholder Kkr Group Partnership LP sold 17,500,000 shares of AppLovin in a transaction that occurred on Monday, May 13. The shares were sold at an average price of $83.36, for a total value of $1,458,800,000.00. Following the sale, the insider now directly owns 366,567 shares of the company’s stock, valued at approximately $30,557,025.12. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Eduardo Vivas sold 118,839 shares in a transaction that occurred on Friday, July 5. The shares were sold at an average price of $90.75, for a total value of $10,784,639.25. Following the sale, the director now directly owns 7,641,531 shares of the company’s stock, valued at $693,468,938.25. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Kkr Group Partnership LP sold 17,500,000 shares of AppLovin in a transaction dated Monday, May 13. The shares were sold at an average price of $83.36, for a total transaction of $1,458,800,000.00. Following the completion of the transaction, the insider now directly owns 366,567 shares of the company’s stock, valued at $30,557,025.12. The disclosure of this sale can be found here. In the last 90 days, insiders have sold 17,709,742 shares of the company’s stock, valued at $1,477,073,771. 14.69% of the shares are currently owned by company insiders.
AppLovin Company Profile
(Get free report)
AppLovin Corporation is engaged in building a software-based platform for advertisers to improve the marketing and monetization of their content in the United States and internationally. The company operates in two segments: Software Platform and Apps. The company’s software solutions include AppDiscovery, a marketing software solution that 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 conducting a competitive auction in real time; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights and tools they need to develop their apps from early stage to maturity; and Wurl, a connected TV platform that 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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