AppLovin (NASDAQ:APP) Trading Up 4.7% After Analyst Upgrade

Shares of AppLovin Corporation (NASDAQ:APP) traded up 4.7% on Friday after UBS Group raised their price target on the stock from $540.00 to $810.00. UBS Group currently has a buy rating on the stock. AppLovin traded as high as $671.18 and last traded at $669.86. 6,073,782 shares were traded during trading, a decline of 18% from the average session volume of 7,448,890 shares. The stock had previously closed at $639.91.

APP has been the topic of a number of other research reports. Zacks Research upgraded AppLovin to a “strong-buy” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. increased their price objective on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Scotiabank reiterated an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. Piper Sandler increased their price target on shares of AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Morgan Stanley lifted their price objective on shares of AppLovin from $460.00 to $480.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $540.76.

Insider Transactions at AppLovin

In other AppLovin news, 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 completion of the transaction, the chief technology officer owned 3,360,104 shares of the company’s stock, valued at $1,470,280,707.28. The trade was a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the sale, the director directly owned 181,929 shares in the company, valued at approximately $78,682,473.21. This represents a 52.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,156,788 shares of company stock worth $514,863,333. Corporate insiders own 13.66% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Kingswood Wealth Advisors LLC increased its holdings in shares of AppLovin by 5.1% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,663 shares of the company’s stock worth $445,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in AppLovin by 62.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 172,378 shares of the company’s stock worth $45,675,000 after buying an additional 66,453 shares in the last quarter. Yousif Capital Management LLC increased its stake in AppLovin by 3.5% during the first quarter. Yousif Capital Management LLC now owns 3,544 shares of the company’s stock valued at $939,000 after acquiring an additional 119 shares during the period. Park Avenue Securities LLC raised its holdings in AppLovin by 30.6% in the 2nd quarter. Park Avenue Securities LLC now owns 20,890 shares of the company’s stock valued at $7,313,000 after acquiring an additional 4,890 shares in the last quarter. Finally, IFM Investors Pty Ltd raised its holdings in AppLovin by 15.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 45,209 shares of the company’s stock valued at $15,827,000 after acquiring an additional 6,104 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Price Performance

The company has a market cap of $226.58 billion, a P/E ratio of 95.15, a P/E/G ratio of 3.54 and a beta of 2.44. The stock has a 50-day simple moving average of $480.60 and a 200 day simple moving average of $376.48. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.AppLovin’s quarterly revenue was up 77.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.89 earnings per share. On average, equities analysts expect that AppLovin Corporation will post 6.87 EPS 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.