Needham & Company LLC Reiterates "Hold" Rating for AppLovin (NASDAQ:APP)

AppLovin (NASDAQ:APP - Get Free Report)'s stock had its "hold" rating reissued by stock analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports.

A number of other analysts have also issued reports on APP. Benchmark restated a "buy" rating and issued a $525.00 target price on shares of AppLovin in a report on Thursday, May 8th. Oppenheimer reissued an "outperform" rating and issued a $500.00 price target (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. The Goldman Sachs Group raised their price target on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Piper Sandler reiterated an "overweight" rating and issued a $470.00 price objective on shares of AppLovin in a research note on Thursday. Finally, HSBC set a $436.00 price target on shares of AppLovin and gave the company a "buy" rating in a report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $438.85.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $338.80 on Thursday. The company has a debt-to-equity ratio of 6.10, a quick ratio of 1.68 and a current ratio of 1.68. AppLovin has a one year low of $60.67 and a one year high of $525.15. The company has a market capitalization of $114.65 billion, a PE ratio of 61.16, a price-to-earnings-growth ratio of 2.03 and a beta of 2.53. The stock has a fifty day moving average of $339.45 and a 200-day moving average of $333.54.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 37.38% and a return on equity of 224.65%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period last year, the company posted $0.67 earnings per share. The business's revenue for the quarter was up 40.3% on a year-over-year basis. As a group, equities analysts anticipate that AppLovin will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the transaction, the director now directly owns 221,209 shares of the company's stock, valued at $82,867,103.49. The trade was a 64.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 513 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $420.30, for a total transaction of $215,613.90. Following the sale, the director now directly owns 3,451 shares in the company, valued at approximately $1,450,455.30. This represents a 12.94% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,212,968 shares of company stock valued at $455,062,980. Corporate insiders own 13.66% of the company's stock.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in AppLovin by 7.3% in the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. FMR LLC boosted its stake in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock valued at $4,485,409,000 after purchasing an additional 5,957,885 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after buying an additional 1,769,400 shares during the period. SVB Wealth LLC bought a new stake in shares of AppLovin during the fourth quarter worth approximately $1,781,922,000. Finally, Baillie Gifford & Co. lifted its holdings in 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 buying an additional 1,185,859 shares during the period. 41.85% of the stock is owned by institutional investors and hedge funds.

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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