BTIG Research Raises AppLovin (NASDAQ:APP) Price Target to $664.00

Key Points

• BTIG Research has increased AppLovin's price target from $547.00 to $664.00, indicating a potential upside of 14.09% from its previous close and maintaining a "buy" rating.
• AppLovin's recent earnings report showed an EPS of $2.26, surpassing the consensus estimate by $0.21, while its revenue of $1.26 billion fell short of expectations.
• Despite a mixed analyst outlook, with ratings ranging from "strong buy" to "sell," the stock has seen increased institutional investment, with hedge funds owning 41.85% of the shares.

AppLovin (NASDAQ:APP - Get Free Report) had its price target increased by equities researchers at BTIG Research from $547.00 to $664.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price would suggest a potential upside of 14.09% from the stock's previous close.

Several other research analysts have also issued reports on the company. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. JPMorgan Chase & Co. increased their price target on AppLovin from $400.00 to $425.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen lowered AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Zacks Research upgraded AppLovin to a "strong-buy" rating in a report on Friday, August 8th. Finally, Morgan Stanley increased their price target on AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $496.48.

AppLovin Trading Up 1.9%

NASDAQ APP opened at $582.00 on Monday. The business has a 50 day simple moving average of $424.50 and a 200 day simple moving average of $353.86. AppLovin has a one year low of $105.94 and a one year high of $587.88. The stock has a market capitalization of $196.86 billion, a P/E ratio of 82.67, a P/E/G ratio of 3.25 and a beta of 2.44. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The business 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 revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.89 earnings per share. Research analysts expect that AppLovin will post 6.87 earnings per share for the current year.

Insider Transactions at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 26,200 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $440.23, for a total value of $11,534,026.00. Following the completion of the sale, the chief executive officer directly owned 2,590,054 shares of the company's stock, valued at $1,140,219,472.42. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 35,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the sale, the insider directly owned 269,955 shares of the company's stock, valued at $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,156,788 shares of company stock valued at $514,863,333. Corporate insiders own 13.66% of the company's stock.

Hedge Funds Weigh In On AppLovin

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of AppLovin by 0.4% in the second quarter. Vanguard Group Inc. now owns 17,902,795 shares of the company's stock valued at $6,267,410,000 after purchasing an additional 72,120 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock valued at $1,745,752,000 after purchasing an additional 1,769,400 shares in the last quarter. State Street Corp grew its position in shares of AppLovin by 2.4% in the second quarter. State Street Corp now owns 5,615,415 shares of the company's stock valued at $1,965,844,000 after purchasing an additional 133,402 shares in the last quarter. Baillie Gifford & Co. grew its position in shares of AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock valued at $1,396,486,000 after purchasing an additional 1,185,859 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of AppLovin by 32.9% in the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company's stock valued at $1,062,876,000 after purchasing an additional 992,316 shares in the last quarter. 41.85% of the stock is currently 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.

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