Analysts Set AppLovin Corporation (NASDAQ:APP) Price Target at $600.59

AppLovin Corporation (NASDAQ:APP) has been assigned an average recommendation of “Moderate Buy” from the twenty-eight research firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, twenty-two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $605.1304.

APP has been the subject of several recent analyst reports. Morgan Stanley boosted their price target on AppLovin from $480.00 to $750.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. Royal Bank Of Canada initiated coverage on AppLovin in a research note on Monday, October 13th. They issued an “outperform” rating and a $700.00 price target for the company. Weiss Ratings restated a “buy (b-)” rating on shares of AppLovin in a research note on Wednesday, October 8th. Finally, Wedbush boosted their price target on AppLovin from $725.00 to $745.00 and gave the stock an “outperform” rating in a research note on Monday, October 6th.

Insider Transactions at AppLovin

In related news, insider Victoria Valenzuela sold 35,000 shares of AppLovin stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider owned 269,955 shares of the company’s stock, valued at $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the sale, the director directly owned 181,929 shares of the company’s stock, valued at $78,682,473.21. The trade was a 52.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Insiders own 13.66% of the company’s stock.

Institutional Trading of AppLovin

Several large investors have recently modified their holdings of APP. Revolve Wealth Partners LLC bought a new stake in shares of AppLovin in the fourth quarter worth $294,000. Bison Wealth LLC bought a new stake in shares of AppLovin in the fourth quarter worth $239,000. Kentucky Retirement Systems bought a new stake in shares of AppLovin in the first quarter worth $4,745,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in AppLovin during the first quarter valued at about $2,021,000. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in AppLovin by 44.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,105 shares of the company’s stock valued at $6,652,000 after purchasing an additional 7,778 shares during the period. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Up 4.4%

Shares of NASDAQ:APP opened at $589.70 on Tuesday. The stock has a fifty day simple moving average of $565.46 and a two-hundred day simple moving average of $420.20. The stock has a market capitalization of $199.47 billion, a price-to-earnings ratio of 83.76, a PEG ratio of 3.07 and a beta of 2.53. AppLovin has a 12-month low of $158.08 and a 12-month high of $745.61. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.21. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 earnings per share. On average, research analysts anticipate that AppLovin will post 6.87 earnings per share for the current fiscal year.

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.