AppLovin (NASDAQ:APP) Price Target Raised to $450.00 at Loop Capital

AppLovin (NASDAQ:APP) had its price target hoisted by research analysts at Loop Capital from $385.00 to $450.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Loop Capital’s price target would suggest a potential upside of 39.20% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of AppLovin from $270.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and increased their price target for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $80.00 to $280.00 in a report on Friday, November 8th. Finally, Stifel Nicolaus raised their target price on AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $296.40.

AppLovin Stock Down 0.4 %

Shares of APP opened at $323.28 on Monday. AppLovin has a one year low of $37.40 and a one year high of $417.64. The company has a market capitalization of $108.49 billion, a P/E ratio of 98.32, a PEG ratio of 4.17 and a beta of 2.28. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The business’s 50 day simple moving average is $246.00 and its 200-day simple moving average is $145.23.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the business earned $0.30 earnings per share. AppLovin’s quarterly revenue was up 38.6% on a year-over-year basis. As a group, sell-side analysts predict that AppLovin will post 4.06 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 593,588 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $319.37, for a total value of $189,574,199.56. Following the completion of the transaction, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. The trade was a 5.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 872,896 shares of company stock valued at $279,773,021. 14.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the company. WCM Investment Management LLC grew its holdings in shares of AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. FMR LLC increased its position in AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. Lone Pine Capital LLC raised its stake in shares of AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after acquiring an additional 382,767 shares during the last quarter. State Street Corp lifted its holdings in shares of AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock worth $514,418,000 after purchasing an additional 449,241 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.