AppLovin (NASDAQ:APP) Price Target Raised to $291.00

AppLovin (NASDAQ:APP) had its price objective hoisted by analysts at BTIG Research from $202.00 to $291.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 18.94% from the company’s previous close.

Other research analysts have also recently issued reports about the company. The Goldman Sachs Group cut AppLovin from a “buy” rating to a “neutral” rating and raised their target price for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. Jefferies Financial Group boosted their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Macquarie boosted their price objective on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $270.00 price target (up previously from $170.00) on shares of AppLovin in a research note on Thursday. Finally, Loop Capital started coverage on shares of AppLovin in a research report on Tuesday, October 22nd. They set a “buy” rating and a $181.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.01.

AppLovin Price Performance

Shares of NASDAQ APP traded up $76.11 during mid-day trading on Thursday, reaching $244.66. The company had a trading volume of 14,946,233 shares, compared to its average volume of 4,194,193. The company has a 50-day moving average price of $132.23 and a two-hundred day moving average price of $98.51. The stock has a market cap of $81.78 billion, a PE ratio of 103.71, a P/E/G ratio of 2.36 and a beta of 1.86. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin has a 1-year low of $35.79 and a 1-year high of $257.43.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company’s revenue was up 44.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.22 EPS. On average, equities analysts anticipate that AppLovin will post 3.47 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the completion of the sale, the chief marketing officer now owns 1,164,396 shares in the company, valued at $88,121,489.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 610,094 shares of company stock worth $51,022,478 in the last ninety days. 14.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppLovin

Several institutional investors have recently made changes to their positions in APP. Capital Performance Advisors LLP purchased a new position in AppLovin in the 3rd quarter worth approximately $25,000. DT Investment Partners LLC bought a new position in shares of AppLovin during the third quarter worth $27,000. Raleigh Capital Management Inc. purchased a new position in shares of AppLovin during the third quarter valued at about $29,000. Quest Partners LLC bought a new stake in shares of AppLovin in the second quarter worth about $33,000. Finally, Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of AppLovin in the second quarter worth about $34,000. Institutional investors 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.