AppLovin (NASDAQ:APP) Price Target Raised to $105.00

AppLovin (NASDAQ:APP) had its target price raised by equities research analysts at Jefferies Financial Group from $93.00 to $105.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 23.98% from the stock’s current price.

Several other analysts also recently issued reports on the company. Wedbush upped their price objective on AppLovin from $87.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday. BTIG Research increased their target price on AppLovin from $87.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday. TheStreet upgraded AppLovin from a “d+” rating to a “c-” rating in a report on Friday, March 8th. The Goldman Sachs Group upped their price target on shares of AppLovin from $73.00 to $100.00 and gave the company a “buy” rating in a report on Thursday. Finally, 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 report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $68.89.

AppLovin Stock Up 14.4 %

Shares of AppLovin stock traded up $10.69 on Thursday, reaching $84.69. The stock had a trading volume of 15,122,474 shares, compared to its average volume of 4,163,882. The stock has a market capitalization of $27.90 billion, a P/E ratio of 84.53, a P/E/G ratio of 1.48 and a beta of 1.85. AppLovin has a 1 year low of $17.57 and a 1 year high of $88.50. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The company has a 50 day moving average price of $69.60 and a 200 day moving average price of $51.97.

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

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $75.01, for a total value of $3,750,500.00. Following the sale, the insider now directly owns 471,560 shares in the company, valued at approximately $35,371,715.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Craig Scott Billings sold 5,550 shares of AppLovin stock in a transaction that occurred 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 completion of the transaction, the director now owns 12,739 shares in the company, valued at $743,065.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $75.01, for a total value of $3,750,500.00. Following the completion of the sale, the insider now directly owns 471,560 shares in the company, valued at approximately $35,371,715.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 61,215 shares of company stock valued at $4,416,815. Corporate insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Blair William & Co. IL grew its position in AppLovin by 20.2% during the 1st quarter. Blair William & Co. IL now owns 178,070 shares of the company’s stock worth $12,326,000 after acquiring an additional 29,894 shares during the last quarter. Picton Mahoney Asset Management boosted its stake in AppLovin by 65.8% during the first quarter. Picton Mahoney Asset Management now owns 140,884 shares of the company’s stock worth $9,753,000 after buying an additional 55,909 shares during the period. Lord Abbett & CO. LLC raised its holdings in shares of AppLovin by 419.3% in the first quarter. Lord Abbett & CO. LLC now owns 724,930 shares of the company’s stock valued at $50,180,000 after acquiring an additional 585,337 shares in the last quarter. Scout Investments Inc. boosted its stake in AppLovin by 63.6% in the first quarter. Scout Investments Inc. now owns 561,450 shares of the company’s stock valued at $38,819,000 after acquiring an additional 218,281 shares in the last quarter. Finally, Condor Capital Management acquired a new stake in shares of AppLovin during the first quarter worth $1,186,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.