AppLovin (NASDAQ:APP) Trading 6.2% Higher Following Analyst Upgrade

AppLovin Corporation (NASDAQ:APP)’s stock price was up 6.2% during trading on Friday after Wells Fargo & Company raised their price target on the stock from $480.00 to $491.00. Wells Fargo & Company currently has an overweight rating on the stock. AppLovin traded as high as $444.23 and last traded at $444.56. Approximately 2,847,617 shares were traded during trading, a decline of 60% from the average daily volume of 7,074,345 shares. The stock had previously closed at $418.76.

APP has been the subject of several other reports. Morgan Stanley lifted their target price on shares of AppLovin from $460.00 to $480.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Piper Sandler lifted their target price on shares of AppLovin from $470.00 to $500.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Wedbush reiterated an “outperform” rating and set a $620.00 target price on shares of AppLovin in a research report on Thursday, August 7th. Finally, Scotiabank lifted their target price on shares of AppLovin from $430.00 to $450.00 and gave the company a “sector outperform” rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $472.86.

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 26,200 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. The trade was a 1.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 17,564 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $437.48, for a total transaction of $7,683,898.72. Following the completion of the sale, the chief technology officer owned 53,389 shares of the company’s stock, valued at approximately $23,356,619.72. The trade was a 24.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,221,152 shares of company stock worth $538,490,378. 13.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APP. Norges Bank bought a new stake in AppLovin during the 2nd quarter valued at $951,541,000. Dynasty Wealth Management LLC raised its holdings in AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock valued at $716,133,000 after buying an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after buying an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. raised its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after buying an additional 1,213,536 shares during the last quarter. Finally, Baillie Gifford & Co. raised its holdings in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after buying an additional 1,185,859 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Stock Up 5.5%

The stock’s fifty day moving average is $375.38 and its 200 day moving average is $345.14. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The company has a market capitalization of $149.40 billion, a P/E ratio of 62.74, a price-to-earnings-growth ratio of 2.34 and a beta of 2.43.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted $0.89 EPS. The firm’s revenue was up 77.1% compared to the same quarter last year. Research analysts predict that AppLovin Corporation will post 6.87 EPS 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.