AppLovin (NASDAQ:APP) Price Target Raised to $100.00

AppLovin (NASDAQ:APP) had its price target upped by equities research analysts at The Goldman Sachs Group from $73.00 to $100.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 35.14% from the stock’s previous close.

Several other research analysts have also commented on APP. Wedbush lifted their price target on AppLovin from $67.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. UBS Group upped their price target on shares of AppLovin from $46.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, February 15th. Morgan Stanley raised their price objective on shares of AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. BTIG Research upped their target price on shares of AppLovin from $65.00 to $87.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Finally, Oppenheimer raised their price target on AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.19.

AppLovin Trading Down 4.0 %

Shares of NASDAQ:APP opened at $74.00 on Thursday. The company has a market cap of $24.38 billion, a PE ratio of 74.00, a P/E/G ratio of 1.48 and a beta of 1.85. The company’s 50 day moving average is $69.60 and its two-hundred day moving average is $51.97. AppLovin has a 52 week low of $17.25 and a 52 week high of $79.55. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 2.31.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $973.70 million. During the same period in the prior year, the firm posted ($0.01) EPS. The business’s quarterly revenue was up 47.9% compared to the same quarter last year. Equities analysts predict that AppLovin will post 2.54 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the sale, the insider now owns 546,560 shares in the company, valued at $31,569,305.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AppLovin news, Director Craig Scott Billings sold 5,550 shares of AppLovin stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total value of $323,731.50. Following the transaction, the director now owns 12,739 shares in the company, valued at approximately $743,065.87. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 2,890 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the sale, the insider now owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The disclosure for this sale can be found here. Insiders sold a total of 61,215 shares of company stock valued at $4,416,815 over the last 90 days. Insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of AppLovin by 535.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 185,287 shares of the company’s stock worth $12,826,000 after purchasing an additional 156,107 shares in the last quarter. Jackson Square Partners LLC purchased a new stake in shares of AppLovin during the first quarter valued at approximately $54,736,000. State Board of Administration of Florida Retirement System lifted its position in shares of AppLovin by 5.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 213,250 shares of the company’s stock worth $14,761,000 after purchasing an additional 10,156 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of AppLovin in the first quarter valued at $343,000. Finally, Bleakley Financial Group LLC acquired a new stake in AppLovin during the 1st quarter valued at $258,000. 41.85% of the stock is owned by institutional investors and hedge funds.

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.