AppLovin (NASDAQ:APP) Trading 1.7% Higher Following Analyst Upgrade

AppLovin Co. (NASDAQ:APP) shares traded up 1.7% during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $360.00 to $366.00. Wells Fargo & Company currently has an overweight rating on the stock. AppLovin traded as high as $328.50 and last traded at $321.05. 954,513 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 4,087,276 shares. The stock had previously closed at $315.68.

Several other research firms have also recently weighed in on APP. Bank of America upped their price objective on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Citigroup upped their price target on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Stifel Nicolaus lifted their price objective on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Macquarie increased their target price on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Piper Sandler started coverage on shares of AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $338.06.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig Scott Billings sold 18,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the sale, the director now directly owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. The trade was a 85.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 888,867 shares of company stock worth $284,773,062. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC grew its stake in AppLovin by 98.6% during the second quarter. Private Advisor Group LLC now owns 7,144 shares of the company’s stock worth $595,000 after buying an additional 3,547 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of AppLovin during the 2nd quarter worth approximately $33,000. American Century Companies Inc. increased its stake in AppLovin by 80.1% in the second quarter. American Century Companies Inc. now owns 232,378 shares of the company’s stock valued at $19,338,000 after acquiring an additional 103,335 shares during the last quarter. BOKF NA acquired a new position in AppLovin during the second quarter valued at approximately $413,000. Finally, Oppenheimer Asset Management Inc. lifted its stake in AppLovin by 104.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 23,966 shares of the company’s stock worth $1,994,000 after purchasing an additional 12,248 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Performance

The stock has a fifty day simple moving average of $324.66 and a two-hundred day simple moving average of $184.47. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a market cap of $107.76 billion, a price-to-earnings ratio of 97.30, a P/E/G ratio of 4.17 and a beta of 2.29.

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

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.