AppLovin (NASDAQ:APP) Given New $475.00 Price Target at Needham & Company LLC

AppLovin (NASDAQ:APP) had its target price reduced by analysts at Needham & Company LLC from $500.00 to $475.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 52.96% from the stock’s current price.

Several other research analysts have also recently weighed in on APP. BTIG Research dropped their price target on shares of AppLovin from $574.00 to $408.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Phillip Securities upgraded AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Citigroup decreased their target price on AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Wedbush lowered their target price on AppLovin from $640.00 to $610.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group cut their price target on AppLovin from $585.00 to $465.00 and set a “neutral” rating for the company in a report on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $552.74.

AppLovin Trading Up 4.0%

NASDAQ:APP opened at $310.54 on Wednesday. The company has a market cap of $103.92 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 0.60 and a beta of 2.54. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. The company has a 50 day simple moving average of $419.14 and a two-hundred day simple moving average of $446.30. AppLovin has a 12 month low of $297.50 and a 12 month high of $745.61.

AppLovin (NASDAQ:APP) last posted its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.76. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.AppLovin’s revenue was up 52.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.39 earnings per share. Research analysts forecast that AppLovin will post 15.53 earnings per share for the current year.

Insider Activity

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction on Monday, July 6th. The shares were sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the transaction, the director owned 120,444 shares in the company, valued at approximately $62,786,252.76. The trade was a 2.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 22,544 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares in the company, valued at approximately $1,152,157,026.32. This represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 303,280 shares of company stock worth $153,835,185. 12.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signature Estate & Investment Advisors LLC raised its holdings in AppLovin by 3,695.3% in the second quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company’s stock worth $39,345,000 after purchasing an additional 74,349 shares in the last quarter. Insight Wealth Strategies LLC purchased a new stake in shares of AppLovin during the second quarter valued at about $6,939,000. Generate Investment Management Ltd bought a new stake in shares of AppLovin in the 2nd quarter valued at about $7,226,000. Fifth Third Bancorp grew its position in shares of AppLovin by 312.0% in the 4th quarter. Fifth Third Bancorp now owns 6,123 shares of the company’s stock worth $4,126,000 after buying an additional 4,637 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of AppLovin by 6.5% in the 2nd quarter. Asset Management One Co. Ltd. now owns 105,909 shares of the company’s stock worth $54,567,000 after buying an additional 6,424 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.