AppLovin (NASDAQ:APP) Price Target Raised to $150.00

AppLovin (NASDAQ:APP) had its target price boosted by BTIG Research from $114.00 to $150.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

APP has been the topic of a number of other research reports. Benchmark boosted their price objective on AppLovin from $48.00 to $66.00 and gave the stock a sell rating in a research note on Friday, August 23rd. Jefferies Financial Group upped their price target on AppLovin from $105.00 to $108.00 and gave the stock a buy rating in a report on Tuesday, September 10th. Bank of America increased their price objective on shares of AppLovin from $100.00 to $120.00 and gave the company a buy rating in a research report on Wednesday, September 11th. Oppenheimer restated an outperform rating and issued a $105.00 target price (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Finally, Wedbush dropped their price target on shares of AppLovin from $100.00 to $90.00 and set an outperform rating on the stock in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, AppLovin has a consensus rating of Moderate Buy and an average target price of $91.78.

AppLovin Stock Performance

NASDAQ APP opened at $112.58 on Friday. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. AppLovin has a 1-year low of $34.45 and a 1-year high of $112.88. The firm has a market capitalization of $37.04 billion, a P/E ratio of 67.01, a P/E/G ratio of 1.41 and a beta of 1.88. The business’s 50-day simple moving average is $84.08 and its 200-day simple moving average is $78.38.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the company posted $0.22 earnings per share. AppLovin’s revenue was up 44.0% compared to the same quarter last year. Equities analysts predict that AppLovin will post 3.46 EPS for the current year.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 47,001 shares of AppLovin stock in a transaction that occurred 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 transaction, the insider now owns 390,615 shares in the company, valued at approximately $33,225,711.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Eduardo Vivas sold 118,839 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the sale, the director now directly owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. 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 business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the transaction, 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. Over the last 90 days, insiders have sold 775,934 shares of company stock valued at $65,805,022. Insiders own 14.69% of the company’s stock.

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. WCM Investment Management LLC acquired a new position in AppLovin during the 1st quarter valued at about $497,488,000. Lone Pine Capital LLC raised its holdings in AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after purchasing an additional 382,767 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its position in AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares during the period. Fred Alger Management LLC bought a new position in AppLovin during the 2nd quarter valued at $290,655,000. Finally, Whale Rock Capital Management LLC acquired a new position in shares of AppLovin during the 1st quarter valued at $195,129,000. 41.85% of the stock is owned by 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.