AppLovin (NASDAQ:APP) Price Target Raised to $66.00

AppLovin (NASDAQ:APP) had its target price boosted by equities researchers at Benchmark from $48.00 to $66.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “sell” rating on the stock. Benchmark’s target price points to a potential downside of 25.84% from the company’s previous close.

Several other research firms also recently weighed in on APP. Jefferies Financial Group raised their price target on shares of AppLovin from $93.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. The Goldman Sachs Group raised their price objective on shares of AppLovin from $73.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday, May 9th. Oppenheimer restated an “outperform” rating and set a $105.00 price objective (up from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Finally, Citigroup raised their price objective on shares of AppLovin from $80.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.86.

AppLovin Stock Performance

APP opened at $89.00 on Friday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 4.59. The company has a market cap of $29.28 billion, a price-to-earnings ratio of 52.98, a PEG ratio of 1.27 and a beta of 1.86. AppLovin has a 52-week low of $34.45 and a 52-week high of $92.50. The firm’s fifty day simple moving average is $80.80 and its two-hundred day simple moving average is $73.70.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 16.46% and a return on equity of 51.55%. The company’s revenue was up 44.0% compared to the same quarter last year. During the same period last year, the firm posted $0.22 earnings per share. Equities analysts anticipate that AppLovin will post 2.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Mary Margaret Hasti Georgiadis sold 6,990 shares of AppLovin stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $83.89, for a total value of $586,391.10. Following the completion of the transaction, the director now owns 34,178 shares in the company, valued at $2,867,192.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the sale, the insider now owns 352,616 shares in the company, valued at approximately $31,728,387.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Margaret Hasti Georgiadis sold 6,990 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $83.89, for a total transaction of $586,391.10. Following the sale, the director now owns 34,178 shares of the company’s stock, valued at approximately $2,867,192.42. The disclosure for this sale can be found here. Insiders sold 637,071 shares of company stock worth $53,971,086 over the last 90 days. 14.69% of the stock is owned by insiders.

Institutional Trading of AppLovin

A number of large investors have recently bought and sold shares of APP. WCM Investment Management LLC purchased a new position in AppLovin during the 1st quarter worth $497,488,000. Sapient Capital LLC purchased a new position in AppLovin during the 4th quarter worth $165,057,000. Fred Alger Management LLC purchased a new position in AppLovin during the 2nd quarter worth $290,655,000. Whale Rock Capital Management LLC purchased a new position in AppLovin during the 1st quarter worth $195,129,000. Finally, Jericho Capital Asset Management L.P. raised its position in AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.