AppLovin (NASDAQ:APP) Price Target Raised to $291.00

AppLovin (NASDAQ:APP) had its price target upped by BTIG Research from $202.00 to $291.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also issued reports on the company. Stifel Nicolaus upped their price objective on AppLovin from $100.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group increased their price target on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Wedbush reaffirmed an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday. Loop Capital assumed coverage on shares of AppLovin in a research report on Tuesday, October 22nd. They issued a “buy” rating and a $181.00 price objective on the stock. Finally, UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $182.31.

AppLovin Price Performance

NASDAQ:APP opened at $290.01 on Thursday. The stock’s 50-day simple moving average is $139.27 and its 200 day simple moving average is $101.29. AppLovin has a 52-week low of $35.79 and a 52-week high of $292.86. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market cap of $96.94 billion, a P/E ratio of 87.88, a P/E/G ratio of 2.43 and a beta of 1.86.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.06% and a net margin of 26.85%. The business’s revenue was up 38.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 EPS. As a group, sell-side analysts forecast that AppLovin will post 3.47 EPS for the current fiscal year.

Insider Activity

In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the completion of the transaction, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew Stumpf sold 60,615 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the sale, the chief financial officer now directly owns 254,458 shares in the company, valued at $20,262,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 610,094 shares of company stock worth $51,022,478. 14.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently made changes to their positions in the stock. HM Payson & Co. grew its stake in shares of AppLovin by 50.0% during the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after buying an additional 100 shares during the last quarter. Aptus Capital Advisors LLC boosted its holdings in shares of AppLovin by 0.3% during the 3rd quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock valued at $4,371,000 after acquiring an additional 104 shares in the last quarter. Ashton Thomas Securities LLC grew its position in AppLovin by 2.6% during the 3rd quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock worth $626,000 after acquiring an additional 121 shares during the last quarter. GAMMA Investing LLC increased its holdings in AppLovin by 8.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,665 shares of the company’s stock worth $217,000 after purchasing an additional 126 shares in the last quarter. Finally, American Trust raised its position in AppLovin by 2.8% in the first quarter. American Trust now owns 5,550 shares of the company’s stock valued at $384,000 after purchasing an additional 150 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.