AppLovin (NASDAQ:APP) Price Target Raised to $615.00

AppLovin (NASDAQ:APP) had its price target increased by Jefferies Financial Group from $560.00 to $615.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently commented on the company. Benchmark reiterated a “buy” rating and issued a $525.00 price target on shares of AppLovin in a research note on Thursday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. Wall Street Zen cut AppLovin from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. UBS Group boosted their price target on AppLovin from $450.00 to $475.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Finally, Zacks Research raised AppLovin to a “strong-buy” rating in a report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $482.86.

AppLovin Trading Down 1.9%

NASDAQ:APP opened at $490.24 on Friday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. AppLovin has a one year low of $82.51 and a one year high of $525.15. The business’s 50-day simple moving average is $402.06 and its 200 day simple moving average is $347.07. The stock has a market cap of $165.82 billion, a price-to-earnings ratio of 69.64, a price-to-earnings-growth ratio of 2.74 and a beta of 2.44.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The company’s revenue was up 77.1% compared to the same quarter last year. As a group, sell-side analysts predict that AppLovin will post 6.87 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the transaction, the insider directly owned 269,955 shares of the company’s stock, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 350 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $487.97, for a total value of $170,789.50. Following the transaction, the director directly owned 3,150 shares of the company’s stock, valued at $1,537,105.50. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,158,288 shares of company stock valued at $515,437,023 in the last three months. Corporate insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of AppLovin by 0.4% during the second quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company’s stock valued at $6,267,410,000 after purchasing an additional 72,120 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. State Street Corp grew its holdings in shares of AppLovin by 2.4% during the second quarter. State Street Corp now owns 5,615,415 shares of the company’s stock valued at $1,965,844,000 after purchasing an additional 133,402 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in AppLovin by 32.9% in the 1st quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after buying an additional 992,316 shares in the last quarter. 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.