AppLovin (NASDAQ:APP) Given New $740.00 Price Target at Piper Sandler

AppLovin (NASDAQ:APP) had its price objective hoisted by Piper Sandler from $500.00 to $740.00 in a research note published on Friday, MarketBeat.com reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also recently weighed in on APP. Wells Fargo & Company lifted their price target on shares of AppLovin from $480.00 to $491.00 and gave the stock an “overweight” rating in a research report on Thursday, August 21st. Wall Street Zen downgraded AppLovin from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. BTIG Research lifted their target price on AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Citigroup reissued a “buy” rating on shares of AppLovin in a research note on Thursday, May 29th. Finally, Benchmark raised their price target on AppLovin from $525.00 to $640.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $540.76.

AppLovin Price Performance

Shares of APP opened at $669.86 on Friday. The stock has a market cap of $226.58 billion, a P/E ratio of 95.15, a price-to-earnings-growth ratio of 3.54 and a beta of 2.44. AppLovin has a 1 year low of $126.53 and a 1 year high of $671.18. The stock’s 50-day moving average price is $480.60 and its two-hundred day moving average price is $376.48. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

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

Insider Transactions at AppLovin

In other news, CEO Arash Adam Foroughi sold 26,200 shares of AppLovin stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 30,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This represents a 0.88% 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 worth $514,863,333. 13.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Atala Financial Inc bought a new stake in shares of AppLovin during the 1st quarter worth approximately $26,000. Hilltop National Bank bought a new stake in AppLovin during the second quarter worth $26,000. LFA Lugano Financial Advisors SA bought a new stake in AppLovin during the second quarter worth $26,000. Alpine Bank Wealth Management bought a new position in shares of AppLovin in the 1st quarter valued at about $27,000. Finally, ORG Wealth Partners LLC bought a new stake in shares of AppLovin in the 1st quarter valued at about $29,000. 41.85% of the stock is owned by institutional investors and hedge funds.

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.