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

AppLovin Corporation (NASDAQ:APP)’s stock price reached a new 52-week high during trading on Monday after Morgan Stanley raised their price target on the stock from $480.00 to $750.00. Morgan Stanley currently has an overweight rating on the stock. AppLovin traded as high as $702.77 and last traded at $710.40, with a volume of 935094 shares. The stock had previously closed at $669.86.

APP has been the subject of several other research reports. Zacks Research raised AppLovin to a “strong-buy” rating in a report on Friday, August 8th. Oppenheimer increased their price objective on AppLovin from $500.00 to $740.00 and gave the stock an “outperform” rating in a report on Tuesday, September 23rd. BTIG Research boosted their price target on shares of AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Jefferies Financial Group boosted their target price on AppLovin from $560.00 to $615.00 and gave the stock a “buy” rating in a research report on Friday, September 5th. Finally, Wells Fargo & Company raised their price target on AppLovin from $480.00 to $491.00 and gave the company an “overweight” rating in a report on Thursday, August 21st. Two 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 issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $553.62.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the company’s stock in a transaction 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 transaction, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly 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 sold 1,156,788 shares of company stock worth $514,863,333 in the last three months. Corporate insiders own 13.66% of the company’s stock.

Institutional Trading of AppLovin

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of AppLovin by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company’s stock valued at $6,267,410,000 after purchasing an additional 72,120 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after acquiring an additional 1,769,400 shares in the last quarter. State Street Corp lifted its holdings in shares of AppLovin by 2.4% during the second quarter. State Street Corp now owns 5,615,415 shares of the company’s stock valued at $1,965,844,000 after purchasing an additional 133,402 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of AppLovin by 29.0% in the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after buying an additional 992,316 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Trading Up 6.3%

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 stock has a 50-day moving average of $487.52 and a two-hundred day moving average of $380.87. The company has a market cap of $240.96 billion, a P/E ratio of 101.19, a price-to-earnings-growth ratio of 3.69 and a beta of 2.44.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 EPS. On average, equities research analysts predict that AppLovin Corporation will post 6.87 earnings per share for the current 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.