AppLovin (NASDAQ:APP) Price Target Increased to $150.00 by Analysts at BTIG Research

AppLovin (NASDAQ:APP) had its price target increased by BTIG Research from $114.00 to $150.00 in a research report report published on Friday morning, Benzinga reports. BTIG Research currently has a buy rating on the stock.

Several other research analysts have also weighed in on APP. Oppenheimer reissued an outperform rating and set a $105.00 price objective (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Wedbush dropped their target price on shares of AppLovin from $100.00 to $90.00 and set an outperform rating on the stock in a report on Thursday, August 8th. Benchmark raised their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a sell rating in a report on Friday, August 23rd. Bank of America raised their target price on shares of AppLovin from $100.00 to $120.00 and gave the stock a buy rating in a report on Wednesday. Finally, Jefferies Financial Group raised their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a buy rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $91.78.

AppLovin Stock Up 6.6 %

Shares of NASDAQ APP opened at $112.58 on Friday. The firm has a market capitalization of $37.63 billion, a PE ratio of 67.01, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin has a 1 year low of $34.45 and a 1 year high of $112.88. The firm’s 50-day moving average is $84.08 and its 200-day moving average is $78.11.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm earned $0.22 EPS. AppLovin’s quarterly revenue was up 44.0% compared to the same quarter last year. Equities analysts expect that AppLovin will post 3.46 EPS for the current year.

Insider Activity

In other news, Director Eduardo Vivas sold 229,200 shares of AppLovin stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $86.35, for a total value of $19,791,420.00. Following the sale, the director now directly owns 7,412,475 shares in the company, valued at $640,067,216.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Victoria Valenzuela sold 47,001 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the transaction, the insider now directly owns 390,615 shares in the company, valued at $33,225,711.90. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Eduardo Vivas sold 229,200 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the transaction, the director now owns 7,412,475 shares in the company, valued at $640,067,216.25. The disclosure for this sale can be found here. Insiders have sold 775,934 shares of company stock worth $65,805,022 over the last ninety days. Insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APP. WCM Investment Management LLC bought a new position in AppLovin during the first quarter worth $497,488,000. Fred Alger Management LLC bought a new stake in shares of AppLovin in the second quarter valued at about $290,655,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin in the first quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. boosted its position in shares of AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in shares of AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after acquiring an additional 1,357,400 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.