AppLovin (NASDAQ:APP) Trading Up 7.5% After Analyst Upgrade

AppLovin Co. (NASDAQ:APP)’s share price shot up 7.5% during mid-day trading on Friday after Daiwa Capital Markets upgraded the stock from a neutral rating to an outperform rating. Daiwa Capital Markets now has a $280.00 price target on the stock, up from their previous price target of $80.00. AppLovin traded as high as $265.95 and last traded at $264.94. 1,939,460 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 4,196,235 shares. The stock had previously closed at $246.53.

Other equities analysts have also recently issued reports about the stock. Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday. JPMorgan Chase & Co. increased their price target on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Thursday. Jefferies Financial Group increased their target price on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Macquarie boosted their price target on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $182.31.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the sale, the insider now owns 352,616 shares in the company, valued at $31,728,387.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Victoria Valenzuela sold 14,166 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the transaction, the insider now owns 352,616 shares in the company, valued at $31,728,387.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the sale, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 610,094 shares of company stock valued at $51,022,478 over the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Large investors have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in shares of AppLovin during the 3rd quarter worth about $25,000. DT Investment Partners LLC bought a new position in AppLovin during the third quarter valued at about $27,000. Meeder Asset Management Inc. acquired a new position in AppLovin in the 3rd quarter valued at approximately $27,000. Raleigh Capital Management Inc. acquired a new stake in shares of AppLovin during the 3rd quarter worth approximately $29,000. Finally, Quest Partners LLC bought a new stake in shares of AppLovin during the second quarter valued at approximately $33,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 6.8 %

The firm has a market capitalization of $87.97 billion, a price-to-earnings ratio of 104.91, a price-to-earnings-growth ratio of 2.29 and a beta of 1.86. The business has a 50 day moving average of $135.33 and a 200 day moving average of $99.54. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.12. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm’s quarterly revenue was up 44.0% on a year-over-year basis. During the same period last year, the firm posted $0.22 EPS. On average, equities analysts anticipate that AppLovin Co. will post 3.48 EPS 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.