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

AppLovin Co. (NASDAQ:APP)’s stock price traded up 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 session volume of 4,087,276 shares. The stock had previously closed at $315.68.

Several other analysts have also commented on the stock. BTIG Research increased their target price on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group lowered shares of AppLovin from a “buy” rating to a “neutral” rating and increased their target price for the company from $103.00 to $150.00 in a research note on Monday, October 14th. Oppenheimer reissued an “outperform” rating and set a $480.00 target price on shares of AppLovin in a research note on Tuesday, December 10th. Stifel Nicolaus increased their target price on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Bank of America increased their target price on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $338.06.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the transaction, the insider now owns 405,676 shares in the company, valued at $143,670,155.40. This represents a 4.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction on Tuesday, December 10th. The stock was 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 in the company, valued at approximately $1,090,066,927.65. This trade represents a 0.05 % 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. 14.69% of the stock is currently owned by company insiders.

Institutional Trading of AppLovin

Several large investors have recently modified their holdings of the company. WCM Investment Management LLC boosted its holdings in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after buying an additional 1,029,009 shares during the period. FMR LLC boosted its holdings in shares of AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares during the period. Lone Pine Capital LLC boosted its holdings in shares of AppLovin by 7.2% during the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after buying an additional 382,767 shares during the period. State Street Corp boosted its holdings in AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after purchasing an additional 428,419 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in AppLovin by 12.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after purchasing an additional 449,241 shares during the period. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 4.3 %

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 business’s fifty day simple moving average is $324.66 and its two-hundred day simple moving average is $184.47. The stock has a market capitalization of $112.43 billion, a P/E ratio of 101.52, a P/E/G ratio of 4.17 and a beta of 2.29.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm earned $0.30 EPS. The business’s revenue was up 38.6% on a year-over-year basis. As a group, analysts forecast that AppLovin Co. will post 4.06 earnings per share 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.