AppLovin (NASDAQ:APP) Price Target Raised to $525.00 at Benchmark

AppLovin (NASDAQ:APP) had its target price upped by Benchmark from $375.00 to $525.00 in a research note issued to investors on Thursday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

APP has been the subject of several other research reports. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Thursday. The Goldman Sachs Group increased their price target on shares of AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Piper Sandler upped their target price on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. increased their target price on shares of AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $280.00 in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $422.18.

AppLovin Stock Performance

Shares of APP stock opened at $471.67 on Thursday. The firm’s 50 day moving average is $349.15 and its 200 day moving average is $226.34. The stock has a market capitalization of $158.29 billion, a P/E ratio of 142.93, a PEG ratio of 3.10 and a beta of 2.30. AppLovin has a 12 month low of $45.59 and a 12 month high of $525.15. 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 earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. On average, sell-side analysts anticipate that AppLovin will post 4.09 earnings per share for the current year.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 17,925 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Vasily Shikin sold 593,588 shares of AppLovin stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the completion of the transaction, the chief technology officer now owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 828,991 shares of company stock worth $267,640,144. 14.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently modified their holdings of APP. Capital Performance Advisors LLP bought a new stake in AppLovin in the third quarter valued at approximately $25,000. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin in the fourth quarter worth $25,000. DT Investment Partners LLC bought a new stake in AppLovin during the 3rd quarter valued at $27,000. Meeder Asset Management Inc. purchased a new stake in AppLovin during the 3rd quarter valued at $27,000. Finally, Riverview Trust Co grew its holdings in AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after acquiring an additional 82 shares during the last quarter. 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.