The Goldman Sachs Group Increases AppLovin (NASDAQ:APP) Price Target to $335.00

AppLovin (NASDAQ:APP) had its price objective boosted by The Goldman Sachs Group from $220.00 to $335.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 7.14% from the stock’s previous close.

A number of other analysts have also commented on APP. Macquarie lifted their target price on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Wells Fargo & Company upped their price objective on AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. BTIG Research raised their target price on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. upped their price target on AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Finally, Citigroup boosted their price objective on shares of AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average price target of $366.29.

AppLovin Stock Up 5.2 %

NASDAQ APP opened at $360.75 on Monday. AppLovin has a one year low of $40.71 and a one year high of $417.64. The firm has a market cap of $121.06 billion, a PE ratio of 109.32, a price-to-earnings-growth ratio of 2.96 and a beta of 2.29. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock’s 50 day simple moving average is $339.10 and its 200 day simple moving average is $203.00.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 38.6% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the completion of the transaction, the chief executive officer now owns 3,058,635 shares of the company’s stock, valued at $1,090,066,927.65. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the sale, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 888,867 shares of company stock worth $284,773,062. Insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares during the last quarter. Jennison Associates LLC acquired a new stake in AppLovin during the fourth quarter worth about $414,462,000. WCM Investment Management LLC boosted its position in shares of AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of AppLovin by 31.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock valued at $306,897,000 after purchasing an additional 560,560 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its stake in shares of AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after purchasing an additional 500,407 shares during the last quarter. 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.