AppLovin (NASDAQ:APP) Sets New 52-Week High Following Analyst Upgrade

AppLovin Co. (NASDAQ:APP)’s share price hit a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $250.00 to $360.00. Wells Fargo & Company currently has an overweight rating on the stock. AppLovin traded as high as $331.98 and last traded at $326.68, with a volume of 492698 shares traded. The stock had previously closed at $321.19.

Other equities research analysts have also issued reports about the company. Benchmark reaffirmed a “sell” rating and set a $66.00 target price on shares of AppLovin in a research report on Thursday, November 7th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and lifted their price target for the company from $103.00 to $150.00 in a report on Monday, October 14th. Jefferies Financial Group lifted their price target on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. lifted their price target on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $222.96.

Insider Transactions at AppLovin

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the 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 directly owns 10,247 shares in the company, valued at $900,711.30. This represents a 12.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 5,500 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $86.04, for a total value of $473,220.00. Following the sale, the chief technology officer now owns 4,536,447 shares in the company, valued at approximately $390,315,899.88. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 221,376 shares of company stock worth $30,737,619. 14.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. WCM Investment Management LLC raised its stake in AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after buying an additional 1,029,009 shares during the period. FMR LLC grew its holdings 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. Lone Pine Capital LLC grew its holdings in AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after purchasing an additional 382,767 shares during the period. State Street Corp lifted its position in AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after acquiring an additional 428,419 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after buying an additional 449,241 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Trading Up 1.3 %

The company has a market capitalization of $109.14 billion, a price-to-earnings ratio of 98.55, a P/E/G ratio of 3.58 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The business’s 50-day moving average price is $172.62 and its two-hundred day moving average price is $113.92.

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

AppLovin Company Profile

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.