AppLovin (NASDAQ:APP) Price Target Raised to $270.00

AppLovin (NASDAQ:APP) had its price target raised by Macquarie from $150.00 to $270.00 in a research report sent to investors on Thursday,Benzinga reports. Macquarie currently has an outperform rating on the stock.

A number of other research firms have also recently weighed in on APP. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. BTIG Research upped their price target on shares of AppLovin from $150.00 to $202.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Loop Capital assumed coverage on shares of AppLovin in a research note on Tuesday, October 22nd. They issued a “buy” rating and a $181.00 price objective for the company. Wells Fargo & Company began coverage on shares of AppLovin in a research note on Monday, October 28th. They set an “overweight” rating and a $200.00 target price on the stock. Finally, Stifel Nicolaus increased their price target on AppLovin from $100.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $182.31.

AppLovin Price Performance

Shares of APP opened at $290.01 on Thursday. The firm has a market cap of $96.94 billion, a PE ratio of 87.88, a P/E/G ratio of 2.43 and a beta of 1.86. AppLovin has a 1-year low of $35.79 and a 1-year high of $292.86. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a fifty day simple moving average of $139.27 and a two-hundred day simple moving average of $101.29.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.06% and a net margin of 26.85%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company earned $0.30 earnings per share. AppLovin’s revenue was up 38.6% on a year-over-year basis. On average, equities analysts anticipate that AppLovin will post 3.47 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now owns 254,458 shares of the company’s stock, valued at approximately $20,262,490.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the sale, the chief financial officer now owns 254,458 shares in the company, valued at $20,262,490.54. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 610,094 shares of company stock valued at $51,022,478 in the last three months. Corporate insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of APP. Fred Alger Management LLC purchased a new stake in AppLovin in the 2nd quarter worth about $290,655,000. Whale Rock Capital Management LLC purchased a new stake in shares of AppLovin in the first quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. lifted its stake in shares of AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after acquiring an additional 2,525,240 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after acquiring an additional 1,357,400 shares during the period. Finally, WCM Investment Management LLC boosted its holdings in AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after acquiring an additional 1,029,009 shares during the period. 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.