Macquarie Raises AppLovin (NASDAQ:APP) Price Target to $270.00

AppLovin (NASDAQ:APP) had its price objective raised by stock analysts at Macquarie from $150.00 to $270.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s target price points to a potential downside of 6.90% from the stock’s current price.

Several other research firms have also weighed in on APP. Benchmark reissued a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research report on Thursday. Bank of America boosted their price target on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Oppenheimer raised their price objective on shares of AppLovin from $105.00 to $180.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday. Finally, Stifel Nicolaus lifted their price target on shares of AppLovin from $100.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $182.31.

AppLovin Stock Performance

NASDAQ:APP opened at $290.01 on Thursday. The company has a market capitalization of $96.94 billion, a PE ratio of 123.41, a P/E/G ratio of 2.29 and a beta of 1.86. AppLovin has a fifty-two week low of $35.79 and a fifty-two week high of $292.86. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a 50 day simple moving average of $135.33 and a two-hundred day simple moving average of $99.54.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.22 earnings per share. Research analysts anticipate that AppLovin will post 3.48 earnings per share for the current year.

Insider Activity at AppLovin

In related news, insider Victoria Valenzuela sold 14,166 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the transaction, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 610,094 shares of company stock valued at $51,022,478. 14.69% of the stock is owned by insiders.

Institutional Trading of AppLovin

Several hedge funds have recently added to or reduced their stakes in APP. Citizens Financial Group Inc. RI purchased a new stake in shares of AppLovin during the 3rd quarter worth approximately $251,000. First Horizon Advisors Inc. increased its position in AppLovin by 29.6% in the third quarter. First Horizon Advisors Inc. now owns 2,332 shares of the company’s stock worth $304,000 after buying an additional 533 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of AppLovin by 89.7% in the third quarter. Advisors Asset Management Inc. now owns 681 shares of the company’s stock valued at $89,000 after buying an additional 322 shares during the period. Commerce Bank lifted its position in shares of AppLovin by 2.6% during the 3rd quarter. Commerce Bank now owns 8,782 shares of the company’s stock valued at $1,146,000 after buying an additional 221 shares during the last quarter. Finally, Second Half Financial Partners LLC purchased a new stake in AppLovin in the 3rd quarter worth about $224,000. Institutional investors 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.