AppLovin (NASDAQ:APP) Trading 6.3% Higher After Analyst Upgrade

AppLovin Co. (NASDAQ:APP) shares were 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. Approximately 1,280,693 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 3,996,017 shares. The stock had previously closed at $343.02.

Other analysts have also issued research reports about the company. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Stifel Nicolaus raised their price target on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Macquarie boosted their price objective on shares of AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Wedbush reaffirmed an “outperform” rating and set a $270.00 target price (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Finally, Bank of America boosted their price target on AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 25th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $366.29.

Insider Activity at AppLovin

In related news, Director Dawson Alyssa Harvey sold 500 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $406.27, for a total transaction of $203,135.00. Following the sale, the director now directly owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. This represents a 6.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of the transaction, the insider now owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. This trade represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 888,867 shares of company stock worth $284,773,062 over the last three months. Company insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

A number of institutional investors and hedge funds have recently modified their holdings of APP. Capital Performance Advisors LLP acquired a new stake in AppLovin during the 3rd quarter worth $25,000. GHP Investment Advisors Inc. acquired a new position in AppLovin during the fourth quarter worth about $25,000. DT Investment Partners LLC purchased a new stake in AppLovin during the 3rd quarter valued at about $27,000. Meeder Asset Management Inc. acquired a new stake in AppLovin in the 3rd quarter valued at about $27,000. Finally, Raleigh Capital Management Inc. purchased a new position in AppLovin in the 3rd quarter worth approximately $29,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Trading Up 1.5 %

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 company has a fifty day moving average price of $339.92 and a two-hundred day moving average price of $204.14. The firm has a market capitalization of $122.94 billion, a price-to-earnings ratio of 111.01, a PEG ratio of 2.96 and a beta of 2.29.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping 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 company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm earned $0.30 earnings per share. AppLovin’s quarterly revenue was up 38.6% compared to the same quarter last year. As a group, research analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current fiscal 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.