Loop Capital Forecasts Strong Price Appreciation for AppLovin (NASDAQ:APP) Stock

AppLovin (NASDAQ:APP) had its price objective lifted by Loop Capital from $385.00 to $450.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also weighed in on APP. Piper Sandler started coverage on AppLovin in a report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price objective on the stock. Wells Fargo & Company boosted their target price on AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and increased their price target for the company from $80.00 to $280.00 in a report on Friday, November 8th. Wedbush reissued an “outperform” rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Finally, Macquarie lifted their price target on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $310.71.

AppLovin Price Performance

Shares of AppLovin stock opened at $313.07 on Monday. The business has a 50-day moving average price of $257.36 and a 200 day moving average price of $150.02. AppLovin has a twelve month low of $37.40 and a twelve month high of $417.64. The firm has a market cap of $105.06 billion, a PE ratio of 94.87, a P/E/G ratio of 4.17 and a beta of 2.28. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

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

Insider Activity

In other AppLovin news, Director Dawson Alyssa Harvey sold 500 shares of AppLovin stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $406.27, for a total value of $203,135.00. Following the sale, the director now owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. The trade was a 6.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 99,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $329.50, for a total value of $32,620,500.00. Following the completion of the sale, the director now directly owns 621,209 shares of the company’s stock, valued at $204,688,365.50. This represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 872,896 shares of company stock valued at $279,773,021. Insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several hedge funds have recently bought and sold shares of the stock. Townsquare Capital LLC lifted its stake in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after buying an additional 3,126 shares during the period. Second Half Financial Partners LLC purchased a new stake in AppLovin in the 3rd quarter valued at about $224,000. State Street Corp lifted its holdings in shares of AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after acquiring an additional 428,419 shares during the period. Eagle Asset Management Inc. grew its holdings in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after purchasing an additional 500,407 shares during the period. Finally, Zacks Investment Management raised its stake in AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after purchasing an additional 81,331 shares during the period. Hedge funds and other institutional investors own 41.85% of the company’s stock.

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.