AppLovin (NASDAQ:APP) Given New $640.00 Price Target at Benchmark

AppLovin (NASDAQ:APP) had its target price hoisted by Benchmark from $525.00 to $640.00 in a report published on Monday morning, MarketBeat reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also issued reports on APP. Piper Sandler boosted their price target on AppLovin from $470.00 to $500.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. BTIG Research boosted their price target on AppLovin from $547.00 to $664.00 and gave the company a “buy” rating in a report on Monday. Jefferies Financial Group boosted their price target on AppLovin from $560.00 to $615.00 and gave the company a “buy” rating in a report on Friday, September 5th. Citigroup reissued a “buy” rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Morgan Stanley boosted their price target on AppLovin from $460.00 to $480.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Two investment 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 company. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $501.95.

AppLovin Price Performance

NASDAQ APP opened at $593.14 on Monday. The business’s fifty day moving average price is $429.47 and its 200-day moving average price is $355.73. The stock has a market capitalization of $200.63 billion, a price-to-earnings ratio of 84.25, a PEG ratio of 3.25 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. AppLovin has a 1-year low of $110.90 and a 1-year high of $595.27.

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

Insider Activity

In related news, insider Victoria Valenzuela sold 35,000 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the transaction, the insider owned 269,955 shares of the company’s stock, valued at approximately $135,579,499.65. This trade represents a 11.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the completion of the transaction, the chief executive officer directly owned 2,620,054 shares of the company’s stock, valued at approximately $1,103,147,536.16. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. 13.66% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of AppLovin by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company’s stock valued at $6,267,410,000 after acquiring an additional 72,120 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the last quarter. State Street Corp lifted its stake in AppLovin by 2.4% in the second quarter. State Street Corp now owns 5,615,415 shares of the company’s stock worth $1,965,844,000 after purchasing an additional 133,402 shares during the last quarter. Baillie Gifford & Co. lifted its stake in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. 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.