AppLovin (NASDAQ:APP) Trading Up 1.2% Following Analyst Upgrade

Key Points

• AppLovin's stock rose 1.2% following an analyst upgrade from Oppenheimer, who raised their price target from $500 to $740 with an outperform rating.
• Despite the recent upgrade, other analysts have mixed ratings, including a "hold" from Needham & Company and price hikes from firms like JPMorgan and BTIG.
• Recent insider trading activity saw the sale of 1,156,788 shares by insiders, further influencing market sentiment around the stock.

AppLovin Corporation (NASDAQ:APP - Get Free Report) rose 1.2% during mid-day trading on Tuesday after Oppenheimer raised their price target on the stock from $500.00 to $740.00. Oppenheimer currently has an outperform rating on the stock. AppLovin traded as high as $670.19 and last traded at $651.18. Approximately 7,748,521 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 7,469,980 shares. The stock had previously closed at $643.50.

A number of other equities analysts also recently commented on the stock. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Tuesday, August 26th. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. BTIG Research raised their price target on shares of AppLovin from $547.00 to $664.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Jefferies Financial Group raised their target price on shares of AppLovin from $560.00 to $615.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Finally, Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $513.38.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the transaction, the insider owned 269,955 shares in the company, valued at $135,579,499.65. This represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dawson Alyssa Harvey sold 350 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director owned 3,150 shares in the company, valued at approximately $1,537,105.50. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hilltop National Bank acquired a new position in shares of AppLovin during the 2nd quarter worth approximately $26,000. LFA Lugano Financial Advisors SA bought a new position in AppLovin in the second quarter valued at about $26,000. Twin Peaks Wealth Advisors LLC bought a new position in AppLovin in the second quarter valued at about $33,000. Atala Financial Inc acquired a new stake in shares of AppLovin in the first quarter valued at about $26,000. Finally, Hoey Investments Inc. acquired a new stake in shares of AppLovin in the second quarter valued at about $35,000. Institutional investors own 41.85% of the company's stock.

AppLovin Trading Up 1.2%

The company has a market cap of $220.26 billion, a price-to-earnings ratio of 92.50, a PEG ratio of 3.60 and a beta of 2.44. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 3.01. The firm has a 50 day moving average price of $457.27 and a two-hundred day moving average price of $367.01.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm's revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.89 earnings per share. As a group, equities analysts forecast that AppLovin Corporation will post 6.87 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.