AppLovin (NASDAQ:APP) Price Target Raised to $475.00

AppLovin (NASDAQ:APP - Get Free Report) had its price target upped by investment analysts at UBS Group from $450.00 to $475.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. UBS Group's price target suggests a potential upside of 44.47% from the stock's current price.

A number of other analysts also recently issued reports on APP. Morgan Stanley raised their target price on AppLovin from $350.00 to $420.00 and gave the stock an "overweight" rating in a research note on Thursday. HSBC set a $436.00 price objective on shares of AppLovin and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Oppenheimer reissued an "outperform" rating and issued a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research note on Thursday. Benchmark restated a "buy" rating and set a $525.00 price target on shares of AppLovin in a report on Thursday. Finally, Citigroup upped their price objective on AppLovin from $460.00 to $600.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, AppLovin currently has a consensus rating of "Moderate Buy" and an average target price of $433.85.

AppLovin Price Performance

Shares of NASDAQ:APP traded down $10.72 during midday trading on Thursday, hitting $328.79. The company's stock had a trading volume of 7,749,047 shares, compared to its average volume of 5,996,936. The company has a market cap of $111.77 billion, a P/E ratio of 72.42, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. AppLovin has a 12-month low of $60.67 and a 12-month high of $525.15. The business's 50 day simple moving average is $275.55 and its 200 day simple moving average is $311.59. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The business had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the previous year, the firm posted $0.67 EPS. The business's revenue for the quarter was up 40.3% compared to the same quarter last year. On average, analysts forecast that AppLovin will post 6.87 EPS for the current year.

Insider Activity

In other news, CTO Vasily Shikin sold 17,500 shares of AppLovin stock in a transaction on Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the sale, the chief technology officer now directly owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the transaction, the chief executive officer now directly owns 2,914,492 shares in the company, valued at $1,230,527,667.32. This trade represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company's stock.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC boosted its position in shares of AppLovin by 92.5% in the 3rd quarter. Barclays PLC now owns 318,992 shares of the company's stock valued at $41,643,000 after purchasing an additional 153,248 shares during the period. Diversified Trust Co increased its holdings in shares of AppLovin by 27.1% in the 4th quarter. Diversified Trust Co now owns 5,034 shares of the company's stock valued at $1,630,000 after acquiring an additional 1,072 shares during the period. Chicago Capital LLC purchased a new stake in AppLovin in the 4th quarter valued at $323,000. Graypoint LLC acquired a new stake in AppLovin during the 4th quarter worth $369,000. Finally, Brookstone Capital Management acquired a new position in AppLovin in the fourth quarter valued at $290,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.