Macquarie Increases AppLovin (NASDAQ:APP) Price Target to $450.00

AppLovin (NASDAQ:APP) had its price target lifted by analysts at Macquarie from $270.00 to $450.00 in a report released on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Macquarie’s target price points to a potential upside of 16.68% from the company’s previous close.

APP has been the topic of several other research reports. Stifel Nicolaus boosted their price target on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Bank of America lifted their price target on AppLovin from $252.00 to $375.00 and gave the company a “buy” rating in a research report on Monday, November 25th. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. Finally, The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and lifted their target price for the company from $103.00 to $150.00 in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

AppLovin Stock Performance

Shares of NASDAQ:APP traded up $6.59 during midday trading on Friday, reaching $385.66. The company had a trading volume of 972,172 shares, compared to its average volume of 4,468,963. AppLovin has a 52-week low of $35.79 and a 52-week high of $397.47. The company’s 50 day moving average price is $220.82 and its 200 day moving average price is $133.52. The stock has a market cap of $129.42 billion, a P/E ratio of 116.87, a P/E/G ratio of 4.52 and a beta of 2.28. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company earned $0.30 EPS. The firm’s quarterly revenue was up 38.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that AppLovin will post 4.06 EPS for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 17,925 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. The trade was a 4.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the sale, the director now owns 10,247 shares of the company’s stock, valued at $900,711.30. The trade was a 12.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 778,320 shares of company stock valued at $246,810,683 over the last quarter. 14.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APP. Tidal Investments LLC purchased a new stake in AppLovin in the 1st quarter worth approximately $236,000. Cetera Advisors LLC acquired a new position in shares of AppLovin in the 1st quarter valued at $675,000. Park Avenue Securities LLC purchased a new stake in AppLovin during the second quarter worth $1,195,000. Simplicity Wealth LLC grew its position in AppLovin by 36.5% during the second quarter. Simplicity Wealth LLC now owns 5,096 shares of the company’s stock valued at $424,000 after buying an additional 1,363 shares during the period. Finally, QRG Capital Management Inc. increased its holdings in AppLovin by 21.8% in the second quarter. QRG Capital Management Inc. now owns 9,731 shares of the company’s stock valued at $810,000 after buying an additional 1,743 shares in the last quarter. 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.