AppLovin (NASDAQ:APP) Shares Up 6.3% Following Analyst Upgrade

AppLovin Co. (NASDAQ:APP)’s stock price rose 6.3% on Tuesday after The Goldman Sachs Group raised their price target on the stock from $220.00 to $335.00. The Goldman Sachs Group currently has a neutral rating on the stock. AppLovin traded as high as $367.87 and last traded at $364.58. Approximately 1,280,693 shares traded hands during trading, a decline of 68% from the average daily volume of 3,996,017 shares. The stock had previously closed at $343.02.

APP has been the topic of several other reports. Piper Sandler began coverage on shares of AppLovin in a report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price target on the stock. Wedbush restated an “outperform” rating and issued a $270.00 target price (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on AppLovin from $200.00 to $325.00 and gave the stock a “neutral” rating in a report on Friday, January 10th. Macquarie upped their price objective on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Jefferies Financial Group lifted their target price on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $366.29.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 15,971 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the sale, the insider now directly owns 372,205 shares in the company, valued at approximately $116,526,219.35. This trade represents a 4.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 888,867 shares of company stock valued at $284,773,062 in the last three months. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several institutional investors and hedge funds have recently added to or reduced their stakes in APP. Capital Performance Advisors LLP bought a new position in shares of AppLovin in the third quarter worth about $25,000. GHP Investment Advisors Inc. purchased a new stake in AppLovin in the 4th quarter worth approximately $25,000. DT Investment Partners LLC bought a new stake in AppLovin during the 3rd quarter worth approximately $27,000. Meeder Asset Management Inc. bought a new stake in AppLovin during the 3rd quarter worth approximately $27,000. Finally, Raleigh Capital Management Inc. purchased a new position in AppLovin during the third quarter valued at approximately $29,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Trading Up 5.2 %

The stock’s 50-day simple moving average is $339.10 and its two-hundred day simple moving average is $203.00. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market capitalization of $121.06 billion, a P/E ratio of 109.32, a price-to-earnings-growth ratio of 2.96 and a beta of 2.29.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm’s revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the business posted $0.30 earnings per share. Equities research analysts expect that AppLovin Co. will post 4.06 EPS for the current 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.