AppLovin (NASDAQ:APP) Sets New 12-Month High Following Analyst Upgrade

AppLovin Co. (NASDAQ:APP) shares reached a new 52-week high during trading on Thursday after Bank of America raised their price target on the stock from $100.00 to $120.00. Bank of America 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 trading hands. The stock had previously closed at $97.57.

A number of other research analysts have also recently issued reports on the company. Wedbush reduced their price objective on AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Jefferies Financial Group lifted their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday. Benchmark upped their price objective on shares of AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a research note on Friday, August 23rd. Finally, Oppenheimer restated an “outperform” rating and set a $105.00 target price (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $87.94.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 5,500 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $86.04, for a total value of $473,220.00. Following the transaction, the chief technology officer now owns 4,536,447 shares of the company’s stock, valued at $390,315,899.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other AppLovin news, CTO Vasily Shikin sold 5,500 shares of AppLovin stock in a transaction on Monday, September 9th. The shares were sold at an average price of $86.04, for a total value of $473,220.00. Following the sale, the chief technology officer now directly owns 4,536,447 shares in the company, valued at approximately $390,315,899.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 47,001 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the transaction, the insider now owns 390,615 shares of the company’s stock, valued at approximately $33,225,711.90. The disclosure for this sale can be found here. Insiders sold 774,434 shares of company stock valued at $65,673,172 over the last 90 days. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. American Trust boosted its stake in AppLovin by 44.7% during the second quarter. American Trust now owns 8,030 shares of the company’s stock worth $668,000 after buying an additional 2,480 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of AppLovin during the 2nd quarter worth about $241,000. Clearbridge Investments LLC grew its holdings in AppLovin by 73.0% during the 2nd quarter. Clearbridge Investments LLC now owns 893,344 shares of the company’s stock valued at $74,344,000 after purchasing an additional 376,835 shares during the last quarter. Dana Investment Advisors Inc. raised its position in AppLovin by 5.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 11,438 shares of the company’s stock worth $952,000 after purchasing an additional 604 shares during the period. Finally, Cetera Investment Advisers lifted its stake in AppLovin by 115.3% in the second quarter. Cetera Investment Advisers now owns 30,619 shares of the company’s stock worth $2,548,000 after purchasing an additional 16,397 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 3.1 %

The firm has a market cap of $33.11 billion, a PE ratio of 58.08, a price-to-earnings-growth ratio of 1.22 and a beta of 1.88. The company has a 50-day simple moving average of $83.19 and a 200-day simple moving average of $77.55. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business’s revenue for the quarter was up 44.0% compared to the same quarter last year. During the same period last year, the company earned $0.22 earnings per share. Analysts expect that AppLovin Co. will post 3.48 earnings per share for the current fiscal year.

About AppLovin

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.