AppLovin (NASDAQ:APP) PT Raised to $100.00

AppLovin (NASDAQ:APP) had its price target boosted by analysts at BTIG Research from $87.00 to $100.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price objective suggests a potential upside of 14.30% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Thursday. Oppenheimer upped their price target on AppLovin from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. Stifel Nicolaus upped their target price on AppLovin from $85.00 to $98.00 and gave the company a “buy” rating in a report on Thursday. Wedbush raised their price target on shares of AppLovin from $87.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, The Goldman Sachs Group upped their price objective on shares of AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus price target of $67.48.

AppLovin Price Performance

NASDAQ APP traded up $13.49 during trading on Thursday, hitting $87.49. 8,364,780 shares of the company’s stock were exchanged, compared to its average volume of 4,084,283. The company has a market cap of $28.82 billion, a PE ratio of 87.87, a P/E/G ratio of 1.48 and a beta of 1.85. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 2.31. AppLovin has a fifty-two week low of $17.57 and a fifty-two week high of $88.50. The stock’s 50 day moving average price is $69.60 and its two-hundred day moving average price is $51.97.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $973.70 million. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. The company’s revenue was up 47.9% on a year-over-year basis. Research analysts expect that AppLovin will post 2.54 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the completion of the sale, the insider now directly owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Craig Scott Billings sold 5,550 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the sale, the director now owns 12,739 shares in the company, valued at approximately $743,065.87. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the completion of the sale, the insider now directly owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,215 shares of company stock valued at $4,416,815. Corporate insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Hedge funds have recently made changes to their positions in the stock. Blair William & Co. IL grew its position in AppLovin by 20.2% in the first quarter. Blair William & Co. IL now owns 178,070 shares of the company’s stock worth $12,326,000 after acquiring an additional 29,894 shares in the last quarter. Picton Mahoney Asset Management lifted its holdings in AppLovin by 65.8% in the 1st quarter. Picton Mahoney Asset Management now owns 140,884 shares of the company’s stock worth $9,753,000 after buying an additional 55,909 shares during the period. Lord Abbett & CO. LLC increased its stake in shares of AppLovin by 419.3% during the first quarter. Lord Abbett & CO. LLC now owns 724,930 shares of the company’s stock valued at $50,180,000 after buying an additional 585,337 shares during the period. Scout Investments Inc. lifted its stake in AppLovin by 63.6% in the first quarter. Scout Investments Inc. now owns 561,450 shares of the company’s stock worth $38,819,000 after acquiring an additional 218,281 shares during the period. Finally, Condor Capital Management purchased a new position in AppLovin during the 1st quarter valued at $1,186,000. 41.85% of the stock is currently owned by hedge funds and other 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.