AppLovin (NASDAQ:APP) Reaches New 12-Month High on Analyst Upgrade

AppLovin Co. (NASDAQ:APP)’s share price hit a new 52-week high during 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 changing hands. The stock had previously closed at $321.19.

Other research analysts have also recently issued reports about the stock. BTIG Research lifted their price target on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Loop Capital boosted their price target on AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Citigroup raised their price objective on AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a research report on Monday. Finally, UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $222.96.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 5,500 shares of the company’s 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 completion of the transaction, the chief technology officer now owns 4,536,447 shares of the company’s stock, valued at approximately $390,315,899.88. This represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. This represents a 12.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 221,376 shares of company stock valued at $30,737,619. 14.69% of the stock is owned by insiders.

Institutional Trading of AppLovin

Several institutional investors have recently made changes to their positions in APP. National Bank of Canada FI increased its holdings in shares of AppLovin by 4.0% in the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock worth $131,000 after purchasing an additional 39 shares during the last quarter. Great Valley Advisor Group Inc. increased its stake in AppLovin by 2.2% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock worth $370,000 after acquiring an additional 60 shares during the last quarter. HM Payson & Co. raised its holdings in shares of AppLovin by 50.0% during the 3rd quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. Aptus Capital Advisors LLC boosted its position in shares of AppLovin by 0.3% during the 3rd quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock valued at $4,371,000 after acquiring an additional 104 shares during the last quarter. Finally, Ashton Thomas Securities LLC grew its holdings in shares of AppLovin by 2.6% in the third quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock valued at $626,000 after purchasing an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

The company has a market cap of $107.05 billion, a P/E ratio of 96.67, a PEG ratio of 3.95 and a beta of 1.86. The firm’s 50-day moving average is $176.89 and its two-hundred day moving average is $115.35. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the company earned $0.30 EPS. The business’s revenue was up 38.6% compared to the same quarter last year. Analysts anticipate 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.