AppLovin (NASDAQ:APP) Rating Increased to Strong-Buy at Scotiabank

AppLovin (NASDAQ:APP - Get Free Report) was upgraded by equities research analysts at Scotiabank to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Loop Capital reiterated a "buy" rating and issued a $650.00 price objective on shares of AppLovin in a research note on Friday, March 28th. UBS Group upped their price objective on shares of AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. The Goldman Sachs Group upped their price objective on shares of AppLovin from $335.00 to $435.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Wells Fargo & Company upped their price objective on shares of AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. Finally, Benchmark reiterated a "buy" rating and issued a $525.00 price objective on shares of AppLovin in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $438.43.

AppLovin Price Performance

APP stock traded down $6.42 on Tuesday, hitting $346.32. 5,618,175 shares of the company's stock traded hands, compared to its average volume of 6,232,579. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 6.10. The stock has a market cap of $117.19 billion, a price-to-earnings ratio of 62.51, a P/E/G ratio of 2.10 and a beta of 2.42. AppLovin has a 1-year low of $60.67 and a 1-year high of $525.15. The stock has a fifty day moving average of $357.68 and a 200-day moving average of $334.38.

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

Insider Activity

In related news, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction 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 transaction, the director directly 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 34,766 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the sale, the chief technology officer directly owned 70,889 shares of the company's stock, valued at approximately $25,069,185.96. This trade represents a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,212,968 shares of company stock valued at $455,062,980. 13.66% of the stock is owned by corporate insiders.

Institutional Trading of AppLovin

A number of hedge funds have recently bought and sold shares of APP. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin during the 4th quarter worth about $25,000. Tucker Asset Management LLC bought a new position in shares of AppLovin during the 4th quarter worth about $28,000. Atala Financial Inc bought a new position in shares of AppLovin during the 1st quarter worth about $26,000. ORG Wealth Partners LLC bought a new position in shares of AppLovin during the 1st quarter worth about $29,000. Finally, Alpine Bank Wealth Management bought a new position in shares of AppLovin during the 1st quarter worth about $27,000. 41.85% of the stock is owned by institutional investors.

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.