AppLovin (NASDAQ:APP) Price Target Raised to $425.00

AppLovin (NASDAQ:APP) had its price objective upped by research analysts at Jefferies Financial Group from $400.00 to $425.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price target suggests a potential upside of 28.96% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Wells Fargo & Company increased their target price on AppLovin from $250.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Macquarie lifted their price objective on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. The Goldman Sachs Group cut shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. Benchmark reissued a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research report on Thursday, November 7th. Finally, Stifel Nicolaus raised their target price on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $312.18.

AppLovin Price Performance

NASDAQ APP traded down $0.46 during mid-day trading on Wednesday, hitting $329.55. The stock had a trading volume of 2,985,904 shares, compared to its average volume of 4,533,070. The company has a 50 day simple moving average of $308.96 and a 200 day simple moving average of $175.97. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company has a market cap of $110.59 billion, a price-to-earnings ratio of 99.86, a P/E/G ratio of 4.17 and a beta of 2.29. AppLovin has a 52-week low of $38.60 and a 52-week high of $417.64.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The business 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 business’s revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 EPS. Equities analysts forecast that AppLovin will post 4.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 593,588 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $319.37, for a total value of $189,574,199.56. Following the completion of the transaction, the chief technology officer now directly owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. This represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction dated 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 directly owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. The trade was a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 888,867 shares of company stock worth $284,773,062 over the last ninety days. 14.69% of the stock is owned by company insiders.

Institutional Trading of AppLovin

Hedge funds have recently made changes to their positions in the stock. TD Asset Management Inc boosted its stake in AppLovin by 6.1% during the 2nd quarter. TD Asset Management Inc now owns 13,735 shares of the company’s stock valued at $1,143,000 after acquiring an additional 793 shares during the last quarter. National Bank of Canada FI raised its stake in shares of AppLovin by 77.2% in the 2nd quarter. National Bank of Canada FI now owns 964 shares of the company’s stock valued at $82,000 after purchasing an additional 420 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of AppLovin by 98.6% during the second quarter. Private Advisor Group LLC now owns 7,144 shares of the company’s stock worth $595,000 after purchasing an additional 3,547 shares during the last quarter. Acadian Asset Management LLC grew its stake in AppLovin by 21.1% in the second quarter. Acadian Asset Management LLC now owns 19,781 shares of the company’s stock worth $1,642,000 after purchasing an additional 3,442 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in AppLovin in the second quarter valued at about $33,000. 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.