Brokerages Set AppLovin Corporation (NASDAQ:APP) Target Price at $664.35

AppLovin Corporation (NASDAQ:APP) has earned a consensus rating of “Moderate Buy” from the twenty-three research firms that are covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $664.35.

APP has been the topic of a number of recent analyst reports. Weiss Ratings downgraded shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Wedbush reaffirmed an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Zacks Research cut AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 12th. Needham & Company LLC reissued a “buy” rating and issued a $700.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, Piper Sandler raised their price target on AppLovin from $650.00 to $665.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 50,000 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the sale, the chief executive officer owned 2,480,414 shares in the company, valued at $1,155,972,140.56. This represents a 1.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the transaction, the chief technology officer directly owned 3,255,273 shares in the company, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 365,244 shares of company stock worth $169,584,607. Insiders own 13.66% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently made changes to their positions in the business. Mediolanum International Funds Ltd lifted its holdings in AppLovin by 73.5% in the third quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock valued at $54,664,000 after acquiring an additional 32,510 shares during the period. Thames Capital Management LLC increased its holdings in shares of AppLovin by 114.8% in the 3rd quarter. Thames Capital Management LLC now owns 16,702 shares of the company’s stock valued at $12,001,000 after purchasing an additional 8,925 shares in the last quarter. Allworth Financial LP lifted its stake in shares of AppLovin by 131.7% in the third quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the period. CIBC Asset Management Inc boosted its holdings in AppLovin by 14.8% during the third quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock worth $84,160,000 after buying an additional 15,074 shares in the last quarter. Finally, APG Asset Management N.V. purchased a new stake in AppLovin during the third quarter worth about $4,958,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Stock Up 3.3%

Shares of NASDAQ APP opened at $501.00 on Friday. The business’s 50 day moving average is $447.26 and its two-hundred day moving average is $529.13. The firm has a market cap of $168.31 billion, a price-to-earnings ratio of 43.04, a PEG ratio of 0.79 and a beta of 2.37. AppLovin has a 52-week low of $320.00 and a 52-week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $1.67 earnings per share. The firm’s quarterly revenue was up 58.9% compared to the same quarter last year. Research analysts predict that AppLovin will post 15.86 EPS for the current year.

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.