AppLovin (NASDAQ:APP) Research Coverage Started at Royal Bank Of Canada

Royal Bank Of Canada began coverage on shares of AppLovin (NASDAQ:APP) in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm issued an outperform rating and a $700.00 price target on the stock.

APP has been the subject of several other research reports. Phillip Securities upgraded shares of AppLovin to a “moderate buy” rating in a research report on Monday, September 29th. Zacks Research cut shares of AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Jefferies Financial Group raised their price target on shares of AppLovin from $560.00 to $615.00 and gave the company a “buy” rating in a research note on Friday, September 5th. JPMorgan Chase & Co. boosted their price objective on AppLovin from $400.00 to $425.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, Oppenheimer set a $740.00 price objective on AppLovin in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $600.59.

AppLovin Stock Up 2.1%

Shares of AppLovin stock opened at $602.30 on Monday. The stock has a market capitalization of $203.73 billion, a price-to-earnings ratio of 85.55, a PEG ratio of 3.20 and a beta of 2.53. AppLovin has a twelve month low of $139.40 and a twelve month high of $745.61. 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 business’s 50 day simple moving average is $550.02 and its 200-day simple moving average is $406.92.

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. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the firm posted $0.89 EPS. The business’s revenue for the quarter was up 77.1% compared to the same quarter last year. Equities research analysts forecast that AppLovin will post 6.87 earnings per share for the current year.

Insider Activity

In related news, Director Eduardo Vivas sold 125,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total transaction of $58,250,000.00. Following the completion of the transaction, the director owned 7,283,292 shares of the company’s stock, valued at $3,394,014,072. This trade represents a 1.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 90,000 shares of AppLovin stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $421.04, for a total value of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. The trade was a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,156,788 shares of company stock worth $514,863,333 in the last quarter. 13.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

Several hedge funds have recently made changes to their positions in APP. Heartwood Wealth Advisors LLC acquired a new stake in AppLovin during the third quarter valued at approximately $33,000. Hilltop National Bank acquired a new stake in shares of AppLovin during the 2nd quarter valued at $26,000. LFA Lugano Financial Advisors SA bought a new stake in shares of AppLovin during the 2nd quarter worth $26,000. Grove Bank & Trust bought a new stake in shares of AppLovin during the 3rd quarter worth $58,000. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in shares of AppLovin in the 2nd quarter worth $33,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.