BTIG Research Raises AppLovin (NASDAQ:APP) Price Target to $100.00

AppLovin (NASDAQ:APP) had its target price increased by analysts at BTIG Research from $87.00 to $100.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price indicates a potential upside of 14.30% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Oppenheimer lifted their price objective on AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Jefferies Financial Group initiated coverage on AppLovin in a report on Thursday, May 2nd. They set a “buy” rating and a $93.00 target price on the stock. Morgan Stanley lifted their price target on AppLovin from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Stifel Nicolaus upped their price target on AppLovin from $85.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, UBS Group upped their target price on shares of AppLovin from $46.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, February 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.48.

AppLovin Stock Performance

Shares of NASDAQ APP traded up $13.49 during midday trading on Thursday, hitting $87.49. The company’s stock had a trading volume of 8,364,780 shares, compared to its average volume of 4,084,283. The stock has a fifty day moving average price of $69.60 and a 200 day moving average price of $51.97. The firm has a market capitalization of $28.82 billion, a price-to-earnings ratio of 87.87, a P/E/G ratio of 1.48 and a beta of 1.85. AppLovin has a one year low of $17.57 and a one year high of $88.50. 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 announced its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The business 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%. AppLovin’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period last year, the firm posted ($0.01) earnings per share. On average, research analysts forecast that AppLovin will post 2.54 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, CFO Matthew Stumpf sold 2,775 shares of AppLovin stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of the sale, the chief financial officer now owns 362,264 shares in the company, valued at approximately $22,931,311.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, 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 transaction of $166,926.40. Following the completion of the sale, the insider now directly owns 546,560 shares in the company, valued at approximately $31,569,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 2,775 shares of AppLovin stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $63.30, for a total value of $175,657.50. Following the completion of the transaction, the chief financial officer now owns 362,264 shares in the company, valued at approximately $22,931,311.20. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock valued at $4,416,815 in the last quarter. 14.69% of the stock is owned by insiders.

Hedge Funds Weigh In On AppLovin

Several hedge funds have recently modified their holdings of APP. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of AppLovin in the third quarter worth about $237,000. Robeco Institutional Asset Management B.V. purchased a new stake in AppLovin during the 3rd quarter valued at about $45,000. Bank of New York Mellon Corp increased its holdings in shares of AppLovin by 5.0% in the third quarter. Bank of New York Mellon Corp now owns 709,140 shares of the company’s stock valued at $28,337,000 after purchasing an additional 34,067 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of AppLovin by 23.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,259 shares of the company’s stock valued at $1,209,000 after purchasing an additional 5,807 shares during the period. Finally, Strs Ohio acquired a new position in AppLovin in the third quarter valued at approximately $768,000. Institutional investors and hedge funds 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.