AppLovin (NASDAQ:APP) Upgraded by Raymond James Financial to “Strong-Buy” Rating

Raymond James Financial upgraded shares of AppLovin (NASDAQ:APP) to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Several other research analysts have also recently weighed in on APP. UBS Group reduced their price objective on AppLovin from $740.00 to $716.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $660.00 target price on shares of AppLovin in a research note on Thursday, May 7th. BTIG Research reaffirmed a “buy” rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $668.27.

AppLovin Trading Up 4.5%

APP opened at $498.76 on Monday. The stock has a market capitalization of $167.55 billion, a P/E ratio of 42.85, a P/E/G ratio of 0.77 and a beta of 2.45. AppLovin has a 12 month low of $325.58 and a 12 month high of $745.61. The firm’s fifty day simple moving average is $497.65 and its 200 day simple moving average is $508.03. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.67 EPS. As a group, research analysts anticipate that AppLovin will post 15.97 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. This represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 22,544 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the sale, the chief executive officer owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. This trade represents a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 389,924 shares of company stock valued at $195,693,875. 13.66% of the stock is owned by company insiders.

Institutional Trading of AppLovin

Institutional investors and hedge funds have recently bought and sold shares of the business. Cassaday & Co Wealth Management LLC bought a new stake in AppLovin in the 1st quarter valued at $25,000. Board of the Pension Protection Fund bought a new position in AppLovin during the fourth quarter worth $27,000. Washington Trust Advisors Inc. boosted its position in AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin in the fourth quarter valued at $27,000. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of AppLovin in the fourth quarter valued at $32,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.