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

AppLovin Co. (NASDAQ:APP) rose 1.7% 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 daily volume of 4,087,276 shares. The stock had previously closed at $315.68.

Other analysts have also issued research reports about the company. Loop Capital boosted their price target on AppLovin from $385.00 to $450.00 and gave the company a “buy” rating in a research note on Monday, December 16th. UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. Jefferies Financial Group lifted their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. upped their price objective on shares of AppLovin from $200.00 to $325.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Stifel Nicolaus raised their price objective on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $338.06.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the transaction, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the sale, the chief marketing officer now owns 1,017,388 shares in the company, valued at approximately $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. In the last quarter, insiders have sold 888,867 shares of company stock valued at $284,773,062. 14.69% of the stock is currently owned by insiders.

Institutional Trading of AppLovin

Several hedge funds have recently added to or reduced their stakes in APP. Capital Performance Advisors LLP acquired a new position in AppLovin in the third quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new position in shares of AppLovin in the 3rd quarter valued at approximately $27,000. DT Investment Partners LLC bought a new stake in AppLovin during the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. acquired a new stake in AppLovin during the 3rd quarter worth approximately $29,000. Finally, HM Payson & Co. raised its holdings in AppLovin by 50.0% during the 3rd quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Price Performance

The company’s fifty day moving average price is $321.54 and its two-hundred day moving average price is $182.80. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market cap of $107.74 billion, a price-to-earnings ratio of 97.29, a PEG ratio of 4.17 and a beta of 2.29.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.30 EPS. On average, equities research analysts forecast 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.