AppLovin (NASDAQ:APP) Price Target Raised to $335.00

AppLovin (NASDAQ:APP) had its price target lifted by equities researchers at The Goldman Sachs Group from $220.00 to $335.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential downside of 2.26% from the stock’s previous close.

APP has been the topic of several other research reports. Loop Capital lifted their price objective on AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Macquarie raised their target price on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. UBS Group raised their target price on AppLovin from $315.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Piper Sandler assumed coverage on AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 target price on the stock. Finally, BTIG Research raised their target price on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $366.29.

AppLovin Price Performance

NASDAQ APP traded down $20.35 during trading hours on Monday, reaching $342.75. 2,792,279 shares of the stock traded hands, compared to its average volume of 3,961,991. The company has a market cap of $115.03 billion, a price-to-earnings ratio of 104.10, a price-to-earnings-growth ratio of 2.96 and a beta of 2.29. The stock has a 50 day simple moving average of $337.41 and a two-hundred day simple moving average of $199.22. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin has a 1 year low of $40.71 and a 1 year high of $417.64.

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

Insider Activity

In related news, CEO Arash Adam Foroughi sold 1,676 shares of the business’s stock in a transaction that occurred on 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 directly owns 3,058,635 shares in the company, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dawson Alyssa Harvey sold 500 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $406.27, for a total transaction of $203,135.00. Following the completion of the transaction, the director now owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. The trade was a 6.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 888,867 shares of company stock worth $284,773,062. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of hedge funds have recently added to or reduced their stakes in APP. Toronto Dominion Bank raised its stake in AppLovin by 5.2% during the 2nd quarter. Toronto Dominion Bank now owns 18,135 shares of the company’s stock valued at $1,509,000 after buying an additional 900 shares during the last quarter. AXA S.A. raised its stake in AppLovin by 33.2% during the 2nd quarter. AXA S.A. now owns 54,807 shares of the company’s stock valued at $4,561,000 after buying an additional 13,671 shares during the last quarter. APG Asset Management N.V. purchased a new stake in AppLovin during the 2nd quarter valued at $2,242,000. The Manufacturers Life Insurance Company raised its stake in AppLovin by 23.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,389 shares of the company’s stock valued at $4,110,000 after buying an additional 9,508 shares during the last quarter. Finally, Algert Global LLC raised its stake in AppLovin by 34.2% during the 2nd quarter. Algert Global LLC now owns 6,736 shares of the company’s stock valued at $561,000 after buying an additional 1,716 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other 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.