AppLovin (NASDAQ:APP) Hits New 12-Month High on Analyst Upgrade

AppLovin Co. (NASDAQ:APP) reached a new 52-week high during trading on Thursday after BTIG Research raised their price target on the stock from $114.00 to $150.00. BTIG Research currently has a buy rating on the stock. AppLovin traded as high as $98.30 and last traded at $98.30, with a volume of 10991 shares traded. The stock had previously closed at $97.57.

Other analysts also recently issued reports about the stock. Benchmark boosted their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Jefferies Financial Group boosted their price target on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America boosted their price target on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. Wedbush cut their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Oppenheimer restated an “outperform” rating and set a $105.00 price target (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.78.

Insider Activity at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the sale, the chief financial officer now directly owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AppLovin news, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the sale, the chief financial officer now directly owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 118,839 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the completion of the sale, the director now directly owns 7,641,531 shares of the company’s stock, valued at $693,468,938.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 775,934 shares of company stock valued at $65,805,022. Corporate insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Institutional investors and hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of AppLovin by 9,470.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock worth $17,336,000 after buying an additional 248,022 shares during the last quarter. Gulf International Bank UK Ltd acquired a new position in AppLovin during the 1st quarter valued at $1,131,000. Acadian Asset Management LLC raised its stake in AppLovin by 2,081.4% during the 1st quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock valued at $1,127,000 after purchasing an additional 15,590 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in AppLovin by 167.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after purchasing an additional 10,099 shares during the last quarter. Finally, Park Avenue Securities LLC acquired a new position in AppLovin during the 2nd quarter valued at $1,195,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 6.6 %

The stock has a market capitalization of $37.63 billion, a price-to-earnings ratio of 67.01, a PEG ratio of 1.41 and a beta of 1.88. The company’s 50 day moving average is $84.08 and its 200 day moving average is $78.11. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28.

AppLovin (NASDAQ:APP) last released its 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 firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business’s quarterly revenue was up 44.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 EPS. On average, research analysts forecast that AppLovin Co. will post 3.46 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.