AppLovin (NASDAQ:APP) Price Target Raised to $335.00

AppLovin (NASDAQ:APP) had its price objective hoisted by equities researchers at The Goldman Sachs Group from $220.00 to $335.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 2.26% from the company’s current price.

A number of other research firms have also commented on APP. Jefferies Financial Group upped their price target on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Citigroup raised their price target on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Benchmark started coverage on AppLovin in a research report on Friday, January 10th. They issued a “buy” rating and a $375.00 target price on the stock. UBS Group raised their price target on AppLovin from $315.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Finally, Wedbush restated an “outperform” rating and issued a $270.00 price target (up from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $366.29.

AppLovin Price Performance

NASDAQ:APP traded down $20.35 during mid-day trading on Monday, reaching $342.75. 2,792,279 shares of the stock were exchanged, compared to its average volume of 3,961,991. The business has a fifty day moving average price of $337.41 and a 200 day moving average price of $199.22. The firm has a market capitalization of $115.03 billion, a PE ratio of 104.10, a PEG ratio of 2.96 and a beta of 2.29. AppLovin has a 1-year low of $40.71 and a 1-year high of $417.64. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period last year, the business earned $0.30 EPS. The firm’s revenue was up 38.6% compared to the same quarter last year. Research analysts expect that AppLovin will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total value of $5,000,040.97. Following the completion of the transaction, the insider now directly owns 372,205 shares of the company’s stock, valued at $116,526,219.35. This represents a 4.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Craig Scott Billings sold 18,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total value of $5,740,920.00. Following the completion of the transaction, the director now directly owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. This represents a 85.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 888,867 shares of company stock valued at $284,773,062. 14.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On AppLovin

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in shares of AppLovin in the third quarter worth $25,000. DT Investment Partners LLC bought a new position in shares of AppLovin in the third quarter worth $27,000. Meeder Asset Management Inc. bought a new position in shares of AppLovin in the third quarter worth $27,000. Raleigh Capital Management Inc. bought a new position in shares of AppLovin in the third quarter worth $29,000. Finally, Fifth Third Bancorp boosted its holdings in shares of AppLovin by 172.2% in the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after acquiring an additional 62 shares during the period. 41.85% of the stock is owned by institutional investors.

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.