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

AppLovin Corporation (NASDAQ:APP) hit a new 52-week high during mid-day trading on Monday after Jefferies Financial Group raised their price target on the stock from $560.00 to $615.00. Jefferies Financial Group currently has a buy rating on the stock. AppLovin traded as high as $548.89 and last traded at $551.95, with a volume of 3877251 shares trading hands. The stock had previously closed at $490.24.

Several other analysts also recently commented on APP. Benchmark reissued a “buy” rating and set a $525.00 price objective on shares of AppLovin in a research report on Thursday, May 8th. Scotiabank reissued an “outperform” rating on shares of AppLovin in a research report on Thursday, August 28th. The Goldman Sachs Group upped their price objective on AppLovin from $335.00 to $435.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Piper Sandler upped their price objective on AppLovin from $470.00 to $500.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $482.86.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of the business’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the sale, the insider directly owned 269,955 shares in the company, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the sale, the chief technology officer owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,158,288 shares of company stock valued at $515,437,023 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

Hedge funds have recently modified their holdings of the company. Atala Financial Inc bought a new position in AppLovin in the 1st quarter worth $26,000. Hilltop National Bank bought a new position in AppLovin in the 2nd quarter worth $26,000. LFA Lugano Financial Advisors SA bought a new position in AppLovin in the 2nd quarter worth $26,000. Alpine Bank Wealth Management bought a new position in AppLovin in the 1st quarter worth $27,000. Finally, ORG Wealth Partners LLC bought a new position in AppLovin in the 1st quarter worth $29,000. 41.85% of the stock is currently owned by institutional investors.

AppLovin Price Performance

The company has a market cap of $185.04 billion, a P/E ratio of 77.70, a P/E/G ratio of 2.74 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The firm’s fifty day moving average is $406.00 and its two-hundred day moving average is $347.99.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The company’s quarterly revenue was up 77.1% compared to the same quarter last year. As a group, analysts anticipate that AppLovin Corporation will post 6.87 earnings per share 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.