AppLovin (NASDAQ:APP) Trading 3.8% Higher on Analyst Upgrade

Shares of AppLovin Corporation (NASDAQ:APP) traded up 3.8% during trading on Friday after Scotiabank raised their price target on the stock from $430.00 to $450.00. Scotiabank currently has a sector outperform rating on the stock. AppLovin traded as high as $463.79 and last traded at $454.03. 3,861,948 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 7,189,654 shares. The stock had previously closed at $437.34.

APP has been the topic of several other research reports. Benchmark reaffirmed a “buy” rating and set a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Wells Fargo & Company lifted their price target on shares of AppLovin from $405.00 to $480.00 and gave the stock an “overweight” rating in a research note on Thursday. Oppenheimer reaffirmed an “outperform” rating and set a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. Wedbush reaffirmed an “outperform” rating and set a $620.00 price target on shares of AppLovin in a research note on Thursday. Finally, Piper Sandler lifted their price target on shares of AppLovin from $470.00 to $500.00 and gave the stock an “overweight” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $472.33.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 400,000 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the transaction, the director directly owned 221,209 shares of the company’s stock, valued at $82,867,103.49. The trade was a 64.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 100,000 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total transaction of $36,751,000.00. Following the transaction, the chief executive officer directly owned 2,760,363 shares of the company’s stock, valued at $1,014,461,006.13. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Corporate insiders own 13.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Revolve Wealth Partners LLC bought a new stake in shares of AppLovin during the 4th quarter worth about $294,000. Wedbush Securities Inc. bought a new stake in shares of AppLovin during the 4th quarter worth about $236,000. Bank of Nova Scotia raised its position in shares of AppLovin by 14.5% during the 4th quarter. Bank of Nova Scotia now owns 4,470 shares of the company’s stock worth $1,448,000 after buying an additional 565 shares in the last quarter. APG Asset Management N.V. raised its position in shares of AppLovin by 3.2% during the 4th quarter. APG Asset Management N.V. now owns 11,080 shares of the company’s stock worth $3,465,000 after buying an additional 347 shares in the last quarter. Finally, Scotia Capital Inc. bought a new stake in shares of AppLovin during the 4th quarter worth about $387,000. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Price Performance

The company has a market capitalization of $154.30 billion, a P/E ratio of 64.77, a P/E/G ratio of 2.60 and a beta of 2.43. The business’s 50-day simple moving average is $366.78 and its 200 day simple moving average is $340.06. The company has a current ratio of 2.74, a quick ratio of 1.68 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm earned $0.89 EPS. AppLovin’s revenue was up 77.1% on a year-over-year basis. As a group, sell-side analysts anticipate that AppLovin Corporation will post 6.87 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.