AppLovin (NASDAQ:APP) Price Target Raised to $650.00

AppLovin (NASDAQ:APP) had its price objective raised by Loop Capital from $450.00 to $650.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on APP. Daiwa America raised AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Bank of America raised their price target on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Citigroup raised their price target on AppLovin from $460.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler increased their price objective on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group increased their price objective on AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $442.18.

AppLovin Trading Down 7.7 %

Shares of APP opened at $415.31 on Thursday. AppLovin has a 1 year low of $56.45 and a 1 year high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a 50 day simple moving average of $365.59 and a 200-day simple moving average of $244.47. The stock has a market cap of $139.37 billion, a PE ratio of 91.48, a PEG ratio of 3.28 and a beta of 2.30.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. On average, sell-side analysts predict that AppLovin will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 15,971 shares of the firm’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the sale, the insider now owns 372,205 shares of the company’s stock, valued at approximately $116,526,219.35. This trade represents a 4.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 1,676 shares of the firm’s 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 sale, the chief executive officer now directly owns 3,058,635 shares in the company, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 196,302 shares of company stock worth $65,305,354 in the last three months. Insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Several hedge funds have recently added to or reduced their stakes in the business. Ascent Group LLC raised its stake in AppLovin by 34.2% during the 4th quarter. Ascent Group LLC now owns 5,553 shares of the company’s stock worth $1,798,000 after buying an additional 1,416 shares during the period. Mackenzie Financial Corp raised its stake in shares of AppLovin by 235.9% in the 4th quarter. Mackenzie Financial Corp now owns 30,499 shares of the company’s stock valued at $9,876,000 after purchasing an additional 21,419 shares during the period. Forum Financial Management LP raised its stake in shares of AppLovin by 0.9% in the 4th quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock valued at $1,223,000 after purchasing an additional 33 shares during the period. Peak Retirement Planning Inc. acquired a new stake in shares of AppLovin in the 4th quarter valued at about $969,000. Finally, Toronto Dominion Bank raised its stake in shares of AppLovin by 22.0% in the 4th quarter. Toronto Dominion Bank now owns 30,705 shares of the company’s stock valued at $9,943,000 after purchasing an additional 5,531 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.