AppLovin (NASDAQ:APP) Shares Up 1.7% on Analyst Upgrade

AppLovin Co. (NASDAQ:APP) shares shot up 1.7% during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $360.00 to $366.00. Wells Fargo & Company currently has an overweight rating on the stock. AppLovin traded as high as $328.50 and last traded at $321.05. 954,513 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 4,087,276 shares. The stock had previously closed at $315.68.

A number of other equities research analysts have also recently weighed in on APP. Bank of America lifted their price objective on shares of AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. Oppenheimer restated an “outperform” rating and issued a $480.00 target price on shares of AppLovin in a research report on Tuesday, December 10th. Stifel Nicolaus boosted their price objective on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $338.06.

Insiders Place Their Bets

In other news, Director Dawson Alyssa Harvey sold 500 shares of AppLovin stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $406.27, for a total transaction of $203,135.00. Following the completion of the sale, the director now directly owns 6,684 shares in the company, valued at $2,715,508.68. The trade was a 6.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Herald Y. Chen sold 400 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $366.16, for a total value of $146,464.00. Following the completion of the transaction, the chief financial officer now owns 207,649 shares in the company, valued at $76,032,757.84. This represents a 0.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 888,867 shares of company stock worth $284,773,062. 14.69% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. FMR LLC boosted its position in AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after purchasing an additional 6,801,138 shares during the period. Fred Alger Management LLC bought a new position in AppLovin in the 2nd quarter worth $290,655,000. 1832 Asset Management L.P. lifted its position in AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after acquiring an additional 1,357,400 shares during the last quarter. WCM Investment Management LLC boosted its holdings in AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the period. Finally, Janus Henderson Group PLC increased its stake in shares of AppLovin by 31.3% in the third quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after purchasing an additional 560,560 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Up 1.7 %

The firm has a market cap of $107.74 billion, a price-to-earnings ratio of 97.29, a PEG ratio of 4.17 and a beta of 2.29. The firm has a 50-day moving average of $321.54 and a two-hundred day moving average of $182.80. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the business posted $0.30 EPS. The business’s quarterly revenue was up 38.6% on a year-over-year basis. As a group, sell-side analysts predict that AppLovin Co. will post 4.06 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.