Brokerages Set AppLovin Corporation (NASDAQ:APP) PT at $513.38

AppLovin Corporation (NASDAQ:APP) has earned a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eighteen have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $553.6190.

Several analysts recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Tuesday, August 26th. Scotiabank reiterated an “outperform” rating on shares of AppLovin in a research report on Thursday, August 28th. Wall Street Zen downgraded shares of AppLovin from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Piper Sandler upped their price objective on shares of AppLovin from $500.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. Finally, Jefferies Financial Group increased their price objective on shares of AppLovin from $560.00 to $615.00 and gave the company a “buy” rating in a report on Friday, September 5th.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of the firm’s 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 directly owned 269,955 shares of the company’s stock, valued at $135,579,499.65. This trade represents a 11.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 90,000 shares of the business’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. The trade was a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,156,788 shares of company stock valued at $514,863,333 in the last three months. Company insiders own 13.66% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of AppLovin during the second quarter worth about $951,541,000. Dynasty Wealth Management LLC raised its stake in shares of AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock worth $716,133,000 after buying an additional 2,700,399 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of AppLovin by 36.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after buying an additional 1,769,400 shares in the last quarter. Vanguard Group Inc. grew its stake in AppLovin by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares during the last quarter. Finally, Baillie Gifford & Co. increased its holdings in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares in the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ APP opened at $718.54 on Friday. 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 has a twelve month low of $128.01 and a twelve month high of $745.61. The stock has a 50-day moving average of $494.89 and a 200 day moving average of $383.21. The stock has a market capitalization of $243.05 billion, a price-to-earnings ratio of 102.07, a PEG ratio of 3.93 and a beta of 2.44.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the company posted $0.89 EPS. The business’s quarterly revenue was up 77.1% on a year-over-year basis. Sell-side analysts anticipate that AppLovin will post 6.87 EPS 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.