AppLovin (NASDAQ:APP) Now Covered by Evercore ISI

Evercore ISI initiated coverage on shares of AppLovin (NASDAQ:APP) in a note issued to investors on Wednesday, MarketBeat reports. The firm set an “outperform” rating and a $835.00 price target on the stock. Evercore ISI’s price objective would indicate a potential upside of 37.56% from the stock’s current price.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. increased their target price on AppLovin from $425.00 to $650.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Scotiabank increased their price objective on shares of AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Oppenheimer set a $740.00 target price on shares of AppLovin in a research report on Tuesday, October 7th. Bank of America boosted their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Finally, Morgan Stanley increased their price target on shares of AppLovin from $750.00 to $800.00 and gave the stock an “overweight” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $706.76.

AppLovin Stock Down 1.7%

Shares of NASDAQ APP opened at $606.99 on Wednesday. The firm has a market cap of $205.14 billion, a P/E ratio of 73.66, a price-to-earnings-growth ratio of 2.04 and a beta of 2.50. The company has a debt-to-equity ratio of 2.38, a quick ratio of 3.25 and a current ratio of 3.25. AppLovin has a 1 year low of $200.50 and a 1 year high of $745.61. The firm’s 50 day moving average price is $640.45 and its 200 day moving average price is $550.77.

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

Insider Buying and Selling at AppLovin

In other news, Director Dawson Alyssa Harvey sold 150 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $693.32, for a total value of $103,998.00. Following the completion of the sale, the director owned 2,829 shares of the company’s stock, valued at $1,961,402.28. This represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 7,609 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $657.13, for a total transaction of $5,000,102.17. Following the completion of the transaction, the insider directly owned 277,110 shares in the company, valued at approximately $182,097,294.30. This represents a 2.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 340,336 shares of company stock valued at $200,062,623 in the last ninety days. Corporate insiders own 13.66% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several institutional investors and hedge funds have recently modified their holdings of APP. Revolve Wealth Partners LLC purchased a new stake in shares of AppLovin during the 4th quarter valued at about $294,000. Bison Wealth LLC acquired a new stake in AppLovin in the fourth quarter valued at approximately $239,000. Integrated Wealth Concepts LLC grew its position in AppLovin by 58.0% in the first quarter. Integrated Wealth Concepts LLC now owns 1,692 shares of the company’s stock valued at $448,000 after acquiring an additional 621 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of AppLovin by 147.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 312 shares of the company’s stock valued at $109,000 after purchasing an additional 186 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of AppLovin by 25.0% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 24,769 shares of the company’s stock worth $8,671,000 after purchasing an additional 4,961 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

About AppLovin

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.