AppLovin (NASDAQ:APP) Price Target Raised to $420.00

AppLovin (NASDAQ:APP) had its target price increased by Morgan Stanley from $350.00 to $420.00 in a research note released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

APP has been the topic of a number of other reports. FBN Securities started coverage on shares of AppLovin in a research note on Friday, March 28th. They issued an “outperform” rating and a $385.00 price target on the stock. Piper Sandler dropped their price target on AppLovin from $575.00 to $425.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Citigroup raised their price objective on AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. UBS Group dropped their target price on shares of AppLovin from $630.00 to $450.00 and set a “buy” rating for the company in a report on Friday, April 11th. Finally, Jefferies Financial Group boosted their price target on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $433.85.

AppLovin Stock Performance

Shares of APP stock opened at $328.79 on Thursday. The company has a market capitalization of $111.77 billion, a P/E ratio of 72.42, a P/E/G ratio of 3.02 and a beta of 2.39. AppLovin has a 12-month low of $60.67 and a 12-month high of $525.15. The business’s 50 day moving average is $275.55 and its two-hundred day moving average is $311.59. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.22. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm’s revenue for the quarter was up 40.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 EPS. Analysts expect that AppLovin will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now directly owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares of the company’s stock, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 over the last three months. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of hedge funds have recently added to or reduced their stakes in the business. JFS Wealth Advisors LLC raised its stake in shares of AppLovin by 38.2% in the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock valued at $34,000 after acquiring an additional 29 shares in the last quarter. HighPoint Advisor Group LLC boosted its stake in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after buying an additional 31 shares during the period. Quadrant Capital Group LLC grew its position in shares of AppLovin by 6.7% during the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock worth $170,000 after buying an additional 33 shares in the last quarter. Forum Financial Management LP increased its stake in shares of AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock worth $1,223,000 after buying an additional 33 shares during the period. Finally, Vestcor Inc raised its holdings in AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock valued at $1,088,000 after acquiring an additional 33 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

About AppLovin

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.