AppLovin (NASDAQ:APP) Earns Overweight Rating from Analysts at Piper Sandler

Research analysts at Piper Sandler began coverage on shares of AppLovin (NASDAQ:APP) in a report released on Wednesday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $400.00 price target on the stock. Piper Sandler’s price target would suggest a potential upside of 24.54% from the company’s current price.

A number of other research analysts have also recently issued reports on APP. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. Citigroup lifted their price target on AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a research note on Monday. Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Finally, Loop Capital increased their price target on AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $214.07.

AppLovin Trading Up 7.8 %

Shares of NASDAQ APP opened at $321.19 on Wednesday. The firm has a 50 day moving average price of $168.07 and a two-hundred day moving average price of $112.43. The stock has a market cap of $107.79 billion, a P/E ratio of 97.33, a price-to-earnings-growth ratio of 3.58 and a beta of 1.86. AppLovin has a 52-week low of $35.79 and a 52-week high of $323.59. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion during 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 firm’s revenue was up 38.6% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. As a group, equities analysts forecast that AppLovin will post 4.06 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This trade represents a 12.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the sale, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at approximately $291,115,402.32. This trade represents a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 235,542 shares of company stock worth $32,012,275 over the last ninety days. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC grew its stake in AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares during the last quarter. Fred Alger Management LLC acquired a new stake in AppLovin in the second quarter worth about $290,655,000. Whale Rock Capital Management LLC purchased a new stake in shares of AppLovin during the first quarter worth about $195,129,000. Jericho Capital Asset Management L.P. increased its holdings in shares of AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its position in shares of AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. Hedge funds and other 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.