AppLovin (NASDAQ:APP) Given New $740.00 Price Target at Piper Sandler

Key Points

• AppLovin's price target has been increased by Piper Sandler from $500.00 to $740.00, indicating a potential upside of 15.64% from its previous close.
• The stock has received multiple upgrades from various analysts, with prices ranging from $480.00 to $640.00, although it also has a mix of ratings including several "holds" and one "sell".
• AppLovin reported $2.26 EPS for the last quarter, exceeding analysts' expectations, despite a revenue of $1.26 billion falling short of the predicted $1.37 billion.

AppLovin (NASDAQ:APP - Get Free Report) had its price objective lifted by equities research analysts at Piper Sandler from $500.00 to $740.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 15.64% from the stock's previous close.

APP has been the topic of a number of other reports. Morgan Stanley raised their price target on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their price target on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Benchmark raised their price target on AppLovin from $525.00 to $640.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Needham & Company LLC reissued a "hold" rating on shares of AppLovin in a research note on Tuesday, August 26th. Finally, Wall Street Zen lowered AppLovin from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $524.81.

AppLovin Trading Down 0.3%

AppLovin stock opened at $639.91 on Friday. The stock has a market cap of $216.45 billion, a PE ratio of 90.90, a P/E/G ratio of 3.55 and a beta of 2.44. The stock has a 50-day moving average price of $474.49 and a 200 day moving average price of $373.64. AppLovin has a 52 week low of $125.62 and a 52 week high of $670.19. 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 (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm's quarterly revenue was up 77.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.89 EPS. Equities research analysts predict that AppLovin will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Dawson Alyssa Harvey sold 350 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $487.97, for a total transaction of $170,789.50. Following the completion of the sale, the director owned 3,150 shares of the company's stock, valued at $1,537,105.50. This represents a 10.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares of the company's stock, valued at approximately $135,579,499.65. This represents a 11.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 over the last 90 days. 13.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On AppLovin

Institutional investors have recently modified their holdings of the business. Avestar Capital LLC raised its stake in shares of AppLovin by 2.1% in the 2nd quarter. Avestar Capital LLC now owns 1,117 shares of the company's stock valued at $391,000 after purchasing an additional 23 shares during the period. Vestcor Inc raised its stake in shares of AppLovin by 0.8% in the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock valued at $1,088,000 after purchasing an additional 33 shares during the period. RWA Wealth Partners LLC raised its stake in shares of AppLovin by 0.4% in the 2nd quarter. RWA Wealth Partners LLC now owns 7,680 shares of the company's stock valued at $2,689,000 after purchasing an additional 33 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of AppLovin by 0.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,431 shares of the company's stock valued at $1,551,000 after purchasing an additional 33 shares during the period. Finally, Fortitude Family Office LLC raised its stake in shares of AppLovin by 32.7% in the 2nd quarter. Fortitude Family Office LLC now owns 138 shares of the company's stock valued at $48,000 after purchasing an additional 34 shares during the period. Institutional investors own 41.85% of the company's stock.

AppLovin Company Profile

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.

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