Evercore ISI Begins Coverage on AppLovin (NASDAQ:APP)

Investment analysts at Evercore ISI started coverage on shares of AppLovin (NASDAQ:APP) in a research note issued on Wednesday, Marketbeat reports. The firm set an “outperform” rating and a $835.00 price target on the stock. Evercore ISI’s price target would indicate a potential upside of 41.55% from the company’s current price.

Several other brokerages have also issued reports on APP. Bank of America lifted their price objective on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Piper Sandler boosted their price target on AppLovin from $740.00 to $800.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of AppLovin in a research note on Monday, December 29th. The Goldman Sachs Group lifted their price target on AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Finally, Royal Bank Of Canada raised their price objective on AppLovin from $700.00 to $750.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $706.76.

AppLovin Price Performance

NASDAQ APP traded down $17.09 during trading on Wednesday, hitting $589.90. 576,935 shares of the stock traded hands, compared to its average volume of 4,077,482. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 2.38. AppLovin has a 12-month low of $200.50 and a 12-month high of $745.61. The firm has a 50-day simple moving average of $640.45 and a 200-day simple moving average of $550.77. The company has a market capitalization of $199.36 billion, a P/E ratio of 71.48, a price-to-earnings-growth ratio of 2.04 and a beta of 2.50.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.34 by $0.11. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business earned $1.29 earnings per share. AppLovin’s quarterly revenue was up 68.2% compared to the same quarter last year. As a group, analysts predict that AppLovin will post 6.87 EPS for the current year.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 27,143 shares of AppLovin stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $545.38, for a total value of $14,803,249.34. Following the completion of the transaction, the chief technology officer owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. This trade represents a 0.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 4,069 shares of AppLovin stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the completion of the transaction, the chief executive officer owned 2,998,948 shares of the company’s stock, valued at $1,491,976,630. This represents a 0.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 340,336 shares of company stock worth $200,062,623 in the last quarter. Company insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Institutional investors have recently modified their holdings of the company. Revolve Wealth Partners LLC acquired a new stake in shares of AppLovin during the fourth quarter worth $294,000. Bison Wealth LLC purchased a new position in AppLovin in the fourth quarter valued at approximately $239,000. Integrated Wealth Concepts LLC raised its holdings in shares of AppLovin by 58.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after buying an additional 621 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in AppLovin by 147.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 312 shares of the company’s stock worth $109,000 after acquiring an additional 186 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in AppLovin by 25.0% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 24,769 shares of the company’s stock valued at $8,671,000 after purchasing an additional 4,961 shares in 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.