Brokerages Set AppLovin Corporation (NASDAQ:APP) Target Price at $565.91

Shares of AppLovin Corporation (NASDAQ:APP) have been given an average rating of “Moderate Buy” by the twenty-four analysts that are covering the firm, MarketBeat reports. Eight equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $553.8261.

A number of analysts recently issued reports on APP shares. Piper Sandler lowered their price target on shares of AppLovin from $385.00 to $325.00 and set a “neutral” rating on the stock in a report on Friday. Citigroup cut their price objective on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating for the company in a report on Friday, August 7th. The Goldman Sachs Group decreased their price objective on shares of AppLovin from $585.00 to $465.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. Royal Bank Of Canada lowered their target price on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 6th.

Insider Activity at AppLovin

In other AppLovin news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the transaction, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the sale, the insider directly owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 303,280 shares of company stock valued at $153,835,185 in the last ninety days. 12.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its holdings in shares of AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after purchasing an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC boosted its stake in AppLovin by 3,118.6% during the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after buying an additional 4,063,763 shares during the last quarter. Norges Bank purchased a new stake in AppLovin in the 4th quarter valued at $2,040,321,000. Bank of New York Mellon Corp purchased a new stake in AppLovin in the 2nd quarter valued at $730,015,000. Finally, Northern Trust Corp increased its stake in shares of AppLovin by 46.8% in 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 during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Price Performance

Shares of APP stock opened at $305.77 on Monday. AppLovin has a twelve month low of $298.00 and a twelve month high of $745.61. The stock has a market cap of $102.33 billion, a P/E ratio of 23.50, a P/E/G ratio of 0.62 and a beta of 2.54. The stock has a 50 day moving average of $427.68 and a 200 day moving average of $447.99. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business’s quarterly revenue was up 52.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.39 EPS. As a group, sell-side analysts expect that AppLovin will post 15.53 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.