AppLovin (NASDAQ:APP) Price Target Raised to $575.00 at Piper Sandler

AppLovin (NASDAQ:APP) had its target price raised by Piper Sandler from $400.00 to $575.00 in a report published on Thursday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on APP. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Jefferies Financial Group increased their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Wells Fargo & Company raised their price objective on shares of AppLovin from $360.00 to $366.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Oppenheimer reaffirmed an “outperform” rating and set a $480.00 target price on shares of AppLovin in a research note on Tuesday, December 10th. Finally, BTIG Research raised their price target on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $422.18.

AppLovin Trading Up 24.0 %

Shares of NASDAQ APP opened at $471.67 on Thursday. AppLovin has a 1-year low of $45.59 and a 1-year high of $525.15. 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 moving average is $349.15 and its two-hundred day moving average is $226.34. The stock has a market capitalization of $158.29 billion, a P/E ratio of 142.93, a PEG ratio of 3.10 and a beta of 2.30.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. As a group, research analysts expect that AppLovin will post 4.09 EPS for the current year.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 593,588 shares of the business’s stock in a transaction that occurred on 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 $1,251,618,694.88. The trade was a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total value of $6,348,138.75. Following the sale, the insider now directly owns 405,676 shares in the company, valued at $143,670,155.40. This trade represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,991 shares of company stock valued at $267,640,144 over the last three months. 14.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On AppLovin

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock valued at $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. WCM Investment Management LLC raised its stake in AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after buying an additional 1,029,009 shares during the last quarter. SVB Wealth LLC acquired a new stake in AppLovin in the fourth quarter worth about $1,781,922,000. State Street Corp grew its stake 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 acquiring an additional 428,419 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of AppLovin by 14.5% during the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock valued at $1,462,144,000 after acquiring an additional 573,310 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

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.