AppLovin (NASDAQ:APP) Given New $108.00 Price Target at Jefferies Financial Group

AppLovin (NASDAQ:APP) had its price objective boosted by research analysts at Jefferies Financial Group from $105.00 to $108.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective suggests a potential upside of 10.69% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Wedbush cut their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Oppenheimer reiterated an “outperform” rating and set a $105.00 target price (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Finally, Benchmark boosted their price target on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.94.

AppLovin Stock Performance

NASDAQ:APP opened at $97.57 on Tuesday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm’s fifty day simple moving average is $83.19 and its 200 day simple moving average is $77.55. The stock has a market cap of $32.10 billion, a P/E ratio of 58.08, a price-to-earnings-growth ratio of 1.22 and a beta of 1.88. AppLovin has a twelve month low of $34.45 and a twelve month high of $98.10.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. AppLovin’s quarterly revenue was up 44.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 earnings per share. As a group, research analysts predict that AppLovin will post 3.48 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 47,001 shares of AppLovin stock in a transaction on Monday, July 1st. The shares were sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the transaction, the insider now owns 390,615 shares in the company, valued at approximately $33,225,711.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Vasily Shikin sold 154,500 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the sale, the chief technology officer now directly owns 4,530,455 shares in the company, valued at approximately $381,192,483.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 47,001 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $85.06, for a total value of $3,997,905.06. Following the completion of the sale, the insider now owns 390,615 shares of the company’s stock, valued at approximately $33,225,711.90. The disclosure for this sale can be found here. Insiders sold a total of 774,434 shares of company stock worth $65,673,172 in the last three months. 14.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

Institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new position in AppLovin during the second quarter worth $33,000. Oliver Lagore Vanvalin Investment Group bought a new position in shares of AppLovin during the 2nd quarter worth approximately $34,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of AppLovin during the 2nd quarter valued at $37,000. Summit Securities Group LLC purchased a new stake in AppLovin during the 2nd quarter worth approximately $42,000. Finally, Covestor Ltd raised its holdings in shares of AppLovin by 85.8% in the first quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after buying an additional 236 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.