AppLovin (NASDAQ:APP) Shares Up 6.3% on Analyst Upgrade

AppLovin Co. (NASDAQ:APP) shares traded up 6.3% during trading on Tuesday after The Goldman Sachs Group raised their price target on the stock from $220.00 to $335.00. The Goldman Sachs Group currently has a neutral rating on the stock. AppLovin traded as high as $367.87 and last traded at $364.58. 1,280,693 shares were traded during mid-day trading, a decline of 68% from the average session volume of 3,996,017 shares. The stock had previously closed at $343.02.

Other research analysts have also issued research reports about the company. Oppenheimer reaffirmed an “outperform” rating and set a $480.00 price target on shares of AppLovin in a research report on Tuesday, December 10th. Citigroup boosted their price objective on shares of AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Benchmark started coverage on shares of AppLovin in a research note on Friday, January 10th. They set a “buy” rating and a $375.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of AppLovin from $200.00 to $325.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Finally, Piper Sandler began coverage on AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price objective on the stock. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $366.29.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 17,925 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares in the company, valued at approximately $143,670,155.40. The trade was a 4.23 % decrease in their position. The transaction 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 AppLovin stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the transaction, the chief executive officer now directly owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 888,867 shares of company stock valued at $284,773,062. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of large investors have recently modified their holdings of the business. Townsquare Capital LLC increased its position in shares of AppLovin by 64.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares during the period. Second Half Financial Partners LLC purchased a new stake in AppLovin in the third quarter valued at approximately $224,000. State Street Corp lifted its stake in AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares during the period. Eagle Asset Management Inc. increased its stake in shares of AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the period. Finally, Zacks Investment Management raised its holdings in shares of AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after purchasing an additional 81,331 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 6.6 %

The business’s 50-day moving average is $338.31 and its 200-day moving average is $201.05. The company has a market capitalization of $122.69 billion, a price-to-earnings ratio of 110.48, a P/E/G ratio of 2.96 and a beta of 2.29. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

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