AppLovin (NASDAQ:APP) Upgraded at Raymond James Financial

AppLovin (NASDAQ:APP) was upgraded by equities researchers at Raymond James Financial to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on APP. Piper Sandler reiterated an “overweight” rating on shares of AppLovin in a research report on Tuesday, June 9th. KeyCorp set a $775.00 target price on shares of AppLovin in a research report on Wednesday, June 10th. Oppenheimer dropped their price target on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Finally, Arete Research set a $340.00 target price on AppLovin and gave the stock a “neutral” rating in a report on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $668.27.

AppLovin Trading Up 4.5%

Shares of NASDAQ:APP opened at $498.76 on Monday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49. The company’s 50-day moving average price is $497.65 and its 200 day moving average price is $508.03. The company has a market cap of $167.55 billion, a PE ratio of 42.85, a P/E/G ratio of 0.77 and a beta of 2.45. AppLovin has a fifty-two week low of $325.58 and a fifty-two week high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating the consensus estimate of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue was up 58.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.67 earnings per share. Sell-side analysts anticipate that AppLovin will post 15.97 earnings per share for the current year.

Insider Activity at AppLovin

In other news, insider Victoria Valenzuela sold 20,000 shares of AppLovin stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the transaction, the insider owned 243,961 shares of the company’s stock, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 389,924 shares of company stock worth $195,693,875. Company insiders own 13.66% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP boosted its position in AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after acquiring an additional 3,438 shares during the period. APG Asset Management N.V. acquired a new position in AppLovin in the 3rd quarter valued at approximately $4,958,000. Franklin Resources Inc. lifted its position in AppLovin by 24.9% in the 3rd quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after buying an additional 487,492 shares in the last quarter. Generate Investment Management Ltd purchased a new stake in AppLovin in the 4th quarter worth approximately $2,347,000. Finally, Kinetic Partners Management LP lifted its position in AppLovin by 7.5% in the 3rd quarter. Kinetic Partners Management LP now owns 128,106 shares of the company’s stock worth $92,049,000 after buying an additional 8,930 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.