AppLovin Corporation (NASDAQ:APP) Receives $668.45 Average Price Target from Brokerages

AppLovin Corporation (NASDAQ:APP) has been assigned an average recommendation of “Moderate Buy” from the twenty-four ratings firms that are presently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $668.4545.

Several equities research analysts have issued reports on the stock. BTIG Research reissued a “buy” rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Morgan Stanley reaffirmed an “overweight” rating on shares of AppLovin in a research report on Wednesday, May 27th. Citigroup reaffirmed a “buy” rating on shares of AppLovin in a research note on Monday, June 22nd. Benchmark reiterated a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. increased their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th.

More AppLovin News

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Wedbush expects AppLovin to report second-quarter results above its own guidance, supported by continued strength in the company’s core advertising business. The firm also expects consumer-growth initiatives to take longer to develop, but views the underlying business momentum favorably. AppLovin Q2 Results Poised to Top Guidance, Consumer Growth Expected to Take Time, Wedbush Says
• Positive Sentiment: A bullish analysis argues that the market may be underestimating AppLovin’s fundamental strength. Potential upside drivers include a longer-than-expected gaming growth runway, expansion into additional verticals, and longer-term opportunities such as video streaming. AppLovin: The Market Continues To Underestimate Fundamental Strength
• Neutral Sentiment: AppLovin is scheduled to report earnings next week, with Wall Street expecting year-over-year earnings growth. The preview provides a potential catalyst, but the available analysis says the company lacks the typical combination of factors that would support a likely earnings beat, leaving expectations and guidance especially important. AppLovin Reports Next Week: Wall Street Expects Earnings Growth
• Neutral Sentiment: The stock recently outperformed the broader market during one trading session, indicating intermittent buying interest, although that short-term strength has not reversed the broader period of weakness. AppLovin Outpaces Stock Market Gains: What You Should Know
• Negative Sentiment: Pomerantz LLP is investigating potential claims on behalf of AppLovin investors. Although the announcement does not establish wrongdoing, the legal inquiry adds headline, litigation and reputational risk to the stock. Investor Alert: Pomerantz Law Firm Investigates Claims on Behalf of Investors of AppLovin

AppLovin Stock Down 4.5%

NASDAQ:APP opened at $399.46 on Thursday. The company has a market cap of $134.19 billion, a price-to-earnings ratio of 34.32, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. AppLovin has a twelve month low of $358.55 and a twelve month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The stock has a fifty day simple moving average of $494.55 and a 200-day simple moving average of $474.53.

AppLovin (NASDAQ:APP) last posted 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. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The business’s revenue for the quarter was up 58.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. Analysts anticipate that AppLovin will post 15.93 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the sale, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arash Adam Foroughi sold 22,544 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total value of $11,158,829.12. Following the transaction, the chief executive officer directly owned 2,327,684 shares in the company, valued at $1,152,157,026.32. The trade was a 0.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 393,000 shares of company stock worth $197,297,363 over the last quarter. Insiders own 12.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Cassaday & Co Wealth Management LLC bought a new stake in shares of AppLovin in the 1st quarter valued at about $25,000. Washington Trust Advisors Inc. boosted its stake in shares of AppLovin by 160.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new position in shares of AppLovin during the fourth quarter valued at approximately $27,000. Pioneer Family Office LLC purchased a new position in AppLovin during the second quarter valued at approximately $31,000. Finally, Laurel Wealth Advisors LLC purchased a new position in AppLovin during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

About AppLovin

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.