AppLovin (NASDAQ:APP) Upgraded to Strong-Buy at Raymond James Financial

AppLovin (NASDAQ:APP) was upgraded by equities researchers at Raymond James Financial to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. BTIG Research reiterated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Morgan Stanley reiterated an “overweight” rating on shares of AppLovin in a research note on Wednesday, May 27th. Citigroup reissued a “buy” rating on shares of AppLovin in a report on Monday, June 22nd. Wedbush reiterated an “outperform” rating and issued a $640.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $668.27.

AppLovin Stock Up 4.5%

Shares of APP opened at $498.76 on Monday. The company’s 50-day moving average price is $497.65 and its 200 day moving average price is $508.03. AppLovin has a 12-month low of $325.58 and a 12-month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market cap of $167.55 billion, a P/E ratio of 42.85, a price-to-earnings-growth ratio of 0.77 and a beta of 2.45.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.44 by $0.12. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company’s quarterly revenue was up 58.9% on a year-over-year basis. During the same period last year, the business posted $1.67 earnings per share. On average, sell-side analysts forecast that AppLovin will post 15.97 earnings per share for the current year.

Insider Activity

In related news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction on 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 transaction, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 22,544 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer directly owned 2,327,684 shares in the company, valued at $1,152,157,026.32. This represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 389,924 shares of company stock valued at $195,693,875. 13.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

A number of hedge funds have recently added to or reduced their stakes in the company. Redhawk Wealth Advisors Inc. lifted its stake in AppLovin by 2.9% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 640 shares of the company’s stock worth $431,000 after purchasing an additional 18 shares during the last quarter. Verdence Capital Advisors LLC grew its position in shares of AppLovin by 5.7% during the 4th quarter. Verdence Capital Advisors LLC now owns 333 shares of the company’s stock valued at $224,000 after buying an additional 18 shares during the last quarter. Claro Advisors LLC raised its stake in AppLovin by 3.2% during the third quarter. Claro Advisors LLC now owns 647 shares of the company’s stock worth $465,000 after acquiring an additional 20 shares during the period. Strategic Advocates LLC raised its stake in AppLovin by 0.8% during the third quarter. Strategic Advocates LLC now owns 2,576 shares of the company’s stock worth $1,851,000 after acquiring an additional 21 shares during the period. Finally, Finivi Inc. lifted its holdings in AppLovin by 3.2% in the fourth quarter. Finivi Inc. now owns 711 shares of the company’s stock worth $479,000 after acquiring an additional 22 shares during the last quarter. Institutional investors and hedge funds 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.