Brokerages Set AppLovin Corporation (NASDAQ:APP) Target Price at $669.62

AppLovin Corporation (NASDAQ:APP) has been given an average rating of “Moderate Buy” by the twenty-four brokerages that are covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $668.2727.

Several research firms recently issued reports on APP. JPMorgan Chase & Co. boosted their price objective on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Citigroup reiterated a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. BTIG Research reissued a “buy” rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th.

Insider Activity at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider directly owned 243,961 shares in the company, valued at $138,055,090.29. This represents a 7.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 389,924 shares of company stock worth $195,693,875 over the last 90 days. 13.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of APP. State Street Corp grew its position in shares of AppLovin by 111.1% during the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after buying an additional 6,237,051 shares in the last quarter. Corient Private Wealth LLC raised its holdings in AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after acquiring an additional 4,063,763 shares in the last quarter. Norges Bank purchased a new position in AppLovin in the fourth quarter worth approximately $2,040,321,000. Capital Research Global Investors purchased a new position in AppLovin in the third quarter worth approximately $743,899,000. Finally, Northern Trust Corp grew its holdings in AppLovin by 46.8% during the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after acquiring an additional 756,660 shares in the last quarter. 41.85% of the stock is owned by institutional investors and hedge funds.

AppLovin Stock Performance

NASDAQ:APP opened at $527.06 on Friday. AppLovin has a fifty-two week low of $325.58 and a fifty-two week high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The company has a 50 day moving average price of $501.83 and a 200 day moving average price of $504.78. The stock has a market capitalization of $177.06 billion, a P/E ratio of 45.28, a PEG ratio of 0.85 and a beta of 2.49.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the firm earned $1.67 earnings per share. The firm’s revenue was up 58.9% compared to the same quarter last year. Equities research analysts forecast that AppLovin will post 15.96 EPS for the current year.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.