AppLovin Corporation (NASDAQ:APP) Receives $669.62 Average PT from Brokerages

Shares of AppLovin Corporation (NASDAQ:APP) have earned a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $668.2727.

Several analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Piper Sandler reiterated an “overweight” rating on shares of AppLovin in a research report on Tuesday, June 9th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $660.00 target price on shares of AppLovin in a research note on Thursday, May 7th. Argus started coverage on AppLovin in a research report on Tuesday, April 14th. They set a “buy” rating and a $520.00 target price on the stock. Finally, BTIG Research restated a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the sale, the chief financial officer directly owned 177,450 shares in the company, valued at $106,470,000. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $582.04, for a total transaction of $1,790,355.04. Following the completion of the sale, the director owned 123,520 shares of the company’s stock, valued at approximately $71,893,580.80. The trade was a 2.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 389,924 shares of company stock valued at $195,693,875. Corporate insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several institutional investors and hedge funds have recently bought and sold shares of APP. Allworth Financial LP lifted its stake in AppLovin by 131.7% during the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after acquiring an additional 3,438 shares in the last quarter. APG Asset Management N.V. acquired a new position in AppLovin in the 3rd quarter valued at about $4,958,000. Franklin Resources Inc. increased its stake in AppLovin by 24.9% during the third quarter. Franklin Resources Inc. now owns 2,442,450 shares of the company’s stock worth $1,754,996,000 after purchasing an additional 487,492 shares during the period. Generate Investment Management Ltd purchased a new stake in AppLovin during the fourth quarter worth about $2,347,000. Finally, Kinetic Partners Management LP lifted its position in shares of AppLovin by 7.5% during the third quarter. Kinetic Partners Management LP now owns 128,106 shares of the company’s stock worth $92,049,000 after purchasing an additional 8,930 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Stock Down 6.7%

NASDAQ:APP opened at $527.06 on Friday. The company has a market cap of $177.06 billion, a PE ratio of 45.28, a P/E/G ratio of 0.91 and a beta of 2.49. AppLovin has a twelve month low of $325.58 and a twelve month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The company’s 50 day moving average is $500.97 and its two-hundred day moving average is $504.62.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the firm posted $1.67 EPS. The firm’s revenue was up 58.9% compared to the same quarter last year. Analysts anticipate that AppLovin will post 15.96 EPS for the current year.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.