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

AppLovin Co. (NASDAQ:APP) reached a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $250.00 to $360.00. Wells Fargo & Company currently has an overweight rating on the stock. AppLovin traded as high as $331.98 and last traded at $326.68, with a volume of 492698 shares. The stock had previously closed at $321.19.

A number of other equities research analysts have also issued reports on APP. Bank of America raised their price target on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Oppenheimer increased their price objective on shares of AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and increased their price objective for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. Jefferies Financial Group lifted their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Macquarie raised their target price on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $222.96.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total value of $12,999,630.00. Following the completion of the sale, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. This trade represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction 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 sale, the chief marketing officer now directly owns 1,017,388 shares of the company’s stock, valued at approximately $291,115,402.32. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 221,376 shares of company stock worth $30,737,619. Insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new position in shares of AppLovin in the 3rd quarter valued at approximately $25,000. DT Investment Partners LLC acquired a new stake in AppLovin in the third quarter worth $27,000. Meeder Asset Management Inc. acquired a new position in shares of AppLovin during the third quarter valued at $27,000. Raleigh Capital Management Inc. bought a new position in AppLovin during the third quarter valued at about $29,000. Finally, Quest Partners LLC bought a new position in AppLovin during the second quarter valued at about $33,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $109.14 billion, a price-to-earnings ratio of 98.55, a price-to-earnings-growth ratio of 3.58 and a beta of 1.86. The stock has a 50-day moving average of $172.62 and a two-hundred day moving average of $113.92.

AppLovin (NASDAQ:APP) last posted its quarterly 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. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the business earned $0.30 EPS. The business’s quarterly revenue was up 38.6% on a year-over-year basis. On average, analysts anticipate 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.