Brokerages Set AppLovin Corporation (NASDAQ:APP) Price Target at $679.85

Shares of AppLovin Corporation (NASDAQ:APP) have earned an average recommendation of “Moderate Buy” from the twenty-four analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $692.60.

A number of equities research analysts recently commented on APP shares. Bank of America increased their target price on shares of AppLovin from $580.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Jefferies Financial Group increased their price objective on AppLovin from $800.00 to $860.00 and gave the company a “buy” rating in a report on Thursday. The Goldman Sachs Group boosted their target price on AppLovin from $630.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. Piper Sandler upped their target price on AppLovin from $740.00 to $800.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, BTIG Research increased their price target on AppLovin from $693.00 to $705.00 and gave the company a “buy” rating in a research note on Thursday, November 6th.

AppLovin Trading Down 6.5%

Shares of NASDAQ APP opened at $670.67 on Wednesday. AppLovin has a 1-year low of $200.50 and a 1-year high of $745.61. The business has a fifty day moving average price of $608.97 and a 200 day moving average price of $502.52. The stock has a market capitalization of $226.65 billion, a P/E ratio of 81.39, a price-to-earnings-growth ratio of 3.60 and a beta of 2.51. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.11. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.34 billion. AppLovin had a net margin of 51.27% and a return on equity of 258.49%. The firm’s revenue was up 68.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share. Equities research analysts expect that AppLovin will post 6.87 EPS for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 4,884 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $515.76, for a total value of $2,518,971.84. Following the completion of the transaction, the chief financial officer owned 191,161 shares of the company’s stock, valued at approximately $98,593,197.36. This trade represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 4,069 shares of AppLovin stock in a transaction on Friday, November 21st. The stock was sold at an average price of $497.50, for a total transaction of $2,024,327.50. Following the sale, the chief executive officer owned 2,998,948 shares of the company’s stock, valued at $1,491,976,630. The trade was a 0.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 332,727 shares of company stock valued at $195,062,520 over the last 90 days. Company insiders own 13.66% of the company’s stock.

Institutional Trading of AppLovin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hilltop National Bank purchased a new position in shares of AppLovin in the second quarter worth about $26,000. LFA Lugano Financial Advisors SA acquired a new position in AppLovin in the 2nd quarter worth approximately $26,000. SouthState Corp purchased a new position in AppLovin during the 1st quarter worth approximately $29,000. Chilton Capital Management LLC acquired a new stake in AppLovin during the 3rd quarter valued at approximately $29,000. Finally, Activest Wealth Management boosted its holdings in shares of AppLovin by 760.0% in the 3rd quarter. Activest Wealth Management now owns 43 shares of the company’s stock valued at $31,000 after acquiring an additional 38 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.