AppLovin (NASDAQ:APP) Price Target Raised to $450.00

AppLovin (NASDAQ:APP) had its price objective increased by Loop Capital from $385.00 to $450.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

APP has been the topic of several other research reports. Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Citigroup raised their price objective on shares of AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. BTIG Research raised their price target on shares of AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Macquarie upped their price objective on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Piper Sandler started coverage on AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $310.71.

AppLovin Trading Down 7.3 %

Shares of NASDAQ APP opened at $313.07 on Monday. The firm has a 50 day moving average price of $257.36 and a two-hundred day moving average price of $150.02. AppLovin has a 52-week low of $37.40 and a 52-week high of $417.64. The stock has a market cap of $105.06 billion, a P/E ratio of 94.87, a price-to-earnings-growth ratio of 4.17 and a beta of 2.28. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the company posted $0.30 earnings per share. The firm’s revenue for the quarter was up 38.6% on a year-over-year basis. As a group, equities analysts forecast that AppLovin will post 4.06 EPS for the current year.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the transaction, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at $1,251,618,694.88. This trade represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. The trade was a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 872,896 shares of company stock valued at $279,773,021 over the last quarter. Corporate insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Townsquare Capital LLC boosted its position in shares of AppLovin by 64.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock worth $1,037,000 after purchasing an additional 3,126 shares in the last quarter. Second Half Financial Partners LLC purchased a new stake in AppLovin during the 3rd quarter worth approximately $224,000. State Street Corp increased its stake in AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after purchasing an additional 428,419 shares in the last quarter. Eagle Asset Management Inc. lifted its stake in shares of AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after buying an additional 500,407 shares during the period. Finally, Zacks Investment Management increased its position in shares of AppLovin by 328.1% in the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after acquiring an additional 81,331 shares during the period. 41.85% of the stock is owned by 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.