Zacks Investment Research Upgrades AppLovin (NYSE:APP) to “Buy”

Zacks Investment Research upgraded shares of AppLovin (NYSE:APP) from a hold rating to a buy rating in a report issued on Tuesday morning, Zacks.com reports. The firm currently has $93.00 price objective on the stock.

According to Zacks, “AppLovin Corporation provides technology platform which enables developers to market, monetize, analyze and publish their apps. AppLovin Corporation is headquartered in Palo Alto, California. “

A number of other equities analysts have also weighed in on the company. Morgan Stanley raised AppLovin from an equal weight rating to an overweight rating and upped their price objective for the stock from $87.00 to $120.00 in a research note on Monday, December 13th. Citigroup started coverage on AppLovin in a research note on Wednesday, December 8th. They issued a buy rating and a $112.00 price objective for the company. Truist Securities upped their price objective on AppLovin from $110.00 to $116.00 and gave the stock a buy rating in a research note on Monday, January 10th. Oppenheimer upped their price objective on AppLovin from $95.00 to $120.00 and gave the stock an outperform rating in a research note on Thursday, November 11th. Finally, Credit Suisse Group upped their price objective on AppLovin from $95.00 to $115.00 and gave the stock an outperform rating in a research note on Thursday, November 11th. Eighteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of Buy and an average price target of $105.06.

Shares of APP opened at $79.01 on Tuesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.85 and a current ratio of 2.85. The business has a 50-day simple moving average of $92.57 and a two-hundred day simple moving average of $80.88. AppLovin has a 52 week low of $49.41 and a 52 week high of $116.09.

In other news, major shareholder Pride Holdings Ltd Angel sold 662 shares of the stock in a transaction that occurred on Monday, November 22nd. The stock was sold at an average price of $100.00, for a total value of $66,200.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Denali Holdings L.P. Kkr sold 8,410,000 shares of the stock in a transaction that occurred on Tuesday, December 7th. The stock was sold at an average price of $80.51, for a total value of $677,089,100.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,205,026 shares of company stock worth $752,660,657. Company insiders own 1.90% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new stake in shares of AppLovin in the second quarter worth approximately $38,000. Citigroup Inc. raised its holdings in shares of AppLovin by 38.0% in the third quarter. Citigroup Inc. now owns 1,875 shares of the company’s stock worth $136,000 after buying an additional 516 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in shares of AppLovin in the second quarter worth approximately $52,000. Captrust Financial Advisors raised its holdings in shares of AppLovin by 1,951.2% in the third quarter. Captrust Financial Advisors now owns 841 shares of the company’s stock worth $61,000 after buying an additional 800 shares during the period. Finally, Royal Bank of Canada purchased a new position in AppLovin during the 2nd quarter worth $62,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for business clients; and MAX, an in-app bidding solution that optimizes purchases of app ad inventory.

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Analyst Recommendations for AppLovin (NYSE:APP)

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