AppLovin’s (APP) Hold Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of AppLovin (NASDAQ:APP) in a report released on Thursday,Benzinga reports.

Other analysts have also recently issued research reports about the company. Jefferies Financial Group increased their target price on AppLovin from $460.00 to $530.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Benchmark reaffirmed a “buy” rating and set a $525.00 price objective on shares of AppLovin in a report on Thursday, May 8th. Piper Sandler reiterated an “overweight” rating and set a $470.00 price objective (up previously from $455.00) on shares of AppLovin in a research report on Thursday. HSBC set a $436.00 target price on shares of AppLovin and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Finally, FBN Securities started coverage on shares of AppLovin in a research note on Friday, March 28th. They set an “outperform” rating and a $385.00 target price for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $438.85.

AppLovin Price Performance

NASDAQ APP opened at $347.45 on Thursday. The company has a 50-day moving average price of $341.63 and a 200-day moving average price of $333.58. AppLovin has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The firm has a market capitalization of $117.57 billion, a P/E ratio of 62.72, a PEG ratio of 1.97 and a beta of 2.53.

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 the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. AppLovin’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.67 earnings per share. Equities research analysts anticipate that AppLovin will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, Director Craig Scott Billings sold 12,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at $1,054,769.44. This represents a 80.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Herald Y. Chen sold 171,420 shares of AppLovin stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total value of $64,071,653.40. Following the completion of the transaction, the director now owns 221,209 shares in the company, valued at $82,681,287.93. This represents a 43.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last three months. Corporate insiders own 13.66% of the company’s stock.

Institutional Trading of AppLovin

Several hedge funds have recently modified their holdings of the company. HighPoint Advisor Group LLC lifted its position in AppLovin by 1.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after acquiring an additional 31 shares during the last quarter. Quadrant Capital Group LLC raised its stake in AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock valued at $170,000 after buying an additional 33 shares during the last quarter. Forum Financial Management LP boosted its holdings in AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock worth $1,223,000 after acquiring an additional 33 shares in the last quarter. Vestcor Inc grew its stake in shares of AppLovin by 0.8% during the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock worth $1,088,000 after acquiring an additional 33 shares during the last quarter. Finally, GSG Advisors LLC grew its stake in shares of AppLovin by 0.3% during the first quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock worth $2,820,000 after acquiring an additional 35 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other 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.