AppLovin (NASDAQ:APP) Price Target Raised to $335.00 at The Goldman Sachs Group

AppLovin (NASDAQ:APP) had its price target boosted by The Goldman Sachs Group from $220.00 to $335.00 in a research note published on Monday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research firms have also weighed in on APP. Piper Sandler began coverage on shares of AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 target price on the stock. Wells Fargo & Company upped their target price on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. UBS Group raised their target price on AppLovin from $315.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Bank of America raised their price objective on shares of AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $366.29.

AppLovin Stock Down 5.5 %

APP opened at $343.02 on Monday. The company has a market cap of $115.11 billion, a PE ratio of 103.95, a price-to-earnings-growth ratio of 2.96 and a beta of 2.29. AppLovin has a twelve month low of $40.71 and a twelve month high of $417.64. The company has a 50-day moving average price of $338.31 and a 200 day moving average price of $201.05. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the business posted $0.30 earnings per share. The business’s quarterly revenue was up 38.6% compared to the same quarter last year. Sell-side analysts expect that AppLovin will post 4.06 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Arash Adam Foroughi sold 1,676 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the transaction, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total value of $5,740,920.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at approximately $952,673.78. This represents a 85.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 888,867 shares of company stock worth $284,773,062. 14.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Bank of Canada FI increased its position in AppLovin by 4.0% in the 3rd quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock valued at $131,000 after acquiring an additional 39 shares during the period. Versant Capital Management Inc increased its holdings in shares of AppLovin by 19.7% in the fourth quarter. Versant Capital Management Inc now owns 322 shares of the company’s stock valued at $104,000 after purchasing an additional 53 shares during the period. Great Valley Advisor Group Inc. increased its holdings in shares of AppLovin by 2.2% in the third quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock valued at $370,000 after purchasing an additional 60 shares during the period. Fifth Third Bancorp raised its stake in shares of AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after purchasing an additional 62 shares during the last quarter. Finally, Precision Wealth Strategies LLC lifted its holdings in shares of AppLovin by 1.4% during the fourth quarter. Precision Wealth Strategies LLC now owns 4,772 shares of the company’s stock worth $1,545,000 after purchasing an additional 64 shares during the period. 41.85% of the stock is 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.