AppLovin (NASDAQ:APP) Given New $291.00 Price Target at BTIG Research

AppLovin (NASDAQ:APP) had its target price upped by BTIG Research from $202.00 to $291.00 in a research note issued to investors on Thursday morning,Benzinga reports. BTIG Research currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their target price for the company from $100.00 to $145.00 in a report on Tuesday, September 17th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday. Stifel Nicolaus lifted their target price on shares of AppLovin from $100.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Oppenheimer boosted their target price on shares of AppLovin from $105.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $103.00 to $150.00 in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $182.31.

AppLovin Price Performance

Shares of APP stock traded up $39.43 on Thursday, reaching $285.96. The company’s stock had a trading volume of 11,767,422 shares, compared to its average volume of 4,245,897. AppLovin has a 12-month low of $35.79 and a 12-month high of $286.19. The stock’s 50 day simple moving average is $135.33 and its 200-day simple moving average is $99.54. The company has a market capitalization of $95.58 billion, a P/E ratio of 112.00, a PEG ratio of 2.29 and a beta of 1.86. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business’s quarterly revenue was up 44.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.22 EPS. As a group, equities analysts predict that AppLovin will post 3.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the sale, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now owns 10,247 shares in the company, valued at $900,711.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 610,094 shares of company stock worth $51,022,478 over the last 90 days. 14.69% of the stock is owned by insiders.

Institutional Trading of AppLovin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WCM Investment Management LLC boosted its holdings in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Lone Pine Capital LLC lifted its position in AppLovin by 7.2% during the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after acquiring an additional 382,767 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares in the last quarter. Fred Alger Management LLC acquired a new stake in AppLovin during the 2nd quarter valued at approximately $290,655,000. Finally, Whale Rock Capital Management LLC acquired a new stake in shares of AppLovin during the first quarter worth approximately $195,129,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

About AppLovin

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.