AppLovin (NASDAQ:APP) Coverage Initiated at Scotiabank

Stock analysts at Scotiabank initiated coverage on shares of AppLovin (NASDAQ:APP - Get Free Report) in a note issued to investors on Monday, MarketBeat reports. The firm set an "outperform" rating and a $430.00 price target on the stock. Scotiabank's price objective points to a potential upside of 24.64% from the stock's current price.

Several other analysts also recently weighed in on the stock. Morgan Stanley boosted their target price on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. The Goldman Sachs Group upped their target price on AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. FBN Securities started coverage on AppLovin in a research note on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. Oppenheimer reiterated 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. Finally, Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Stock Up 1.0%

APP stock traded up $3.36 during trading on Monday, reaching $345.00. 3,155,375 shares of the company traded hands, compared to its average volume of 6,210,135. The company has a market capitalization of $116.74 billion, a price-to-earnings ratio of 62.27, a price-to-earnings-growth ratio of 2.04 and a beta of 2.42. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. The business has a 50 day simple moving average of $352.35 and a 200 day simple moving average of $334.14. AppLovin has a 12 month low of $60.67 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the business posted $0.67 EPS. AppLovin's revenue was up 40.3% on a year-over-year basis. On average, equities research analysts anticipate that AppLovin will post 6.87 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 171,420 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total transaction of $64,071,653.40. Following the completion of the sale, the director owned 221,209 shares of the company's stock, valued at $82,681,287.93. The trade was a 43.66% 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. Also, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the transaction, the director owned 221,209 shares in the company, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock valued at $4,724,594,000 after buying an additional 1,213,536 shares during the period. FMR LLC lifted its stake in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after buying an additional 1,769,400 shares during the last quarter. Baillie Gifford & Co. boosted its stake in AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after buying an additional 1,185,859 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company's stock valued at $1,462,144,000 after acquiring an additional 573,310 shares during the last quarter. Hedge funds and other institutional investors 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.