Brokerages Set AppLovin Corporation (NASDAQ:APP) PT at $668.45

AppLovin Corporation (NASDAQ:APP) has been assigned an average recommendation of “Moderate Buy” from the twenty-four analysts that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $668.4545.

A number of research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $700.00 price objective on shares of AppLovin in a report on Thursday, May 28th. Benchmark reiterated a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. UBS Group lowered their target price on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, Piper Sandler restated an “overweight” rating on shares of AppLovin in a report on Tuesday, July 7th.

Insider Transactions at AppLovin

In other news, CFO Matthew Stumpf sold 9,052 shares of AppLovin stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the transaction, the chief financial officer directly owned 177,450 shares in the company, valued at approximately $106,470,000. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 393,000 shares of company stock worth $197,297,363. Corporate insiders own 12.81% of the company’s stock.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently made changes to their positions in APP. State Street Corp boosted its stake in AppLovin by 111.1% during the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock valued at $8,516,471,000 after purchasing an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of AppLovin by 3,118.6% in the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock worth $2,826,049,000 after purchasing an additional 4,063,763 shares during the last quarter. Norges Bank purchased a new stake in shares of AppLovin in the fourth quarter worth approximately $2,040,321,000. Northern Trust Corp raised its holdings in shares of AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after purchasing an additional 756,660 shares during the last quarter. Finally, Amundi raised its holdings in shares of AppLovin by 81.3% in the fourth quarter. Amundi now owns 1,426,896 shares of the company’s stock valued at $961,471,000 after purchasing an additional 639,836 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

AppLovin Stock Down 1.7%

Shares of AppLovin stock opened at $391.98 on Thursday. The stock has a 50-day moving average price of $498.97 and a 200 day moving average price of $480.08. The company has a market cap of $131.68 billion, a P/E ratio of 33.68, a P/E/G ratio of 0.64 and a beta of 2.49. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. AppLovin has a 1 year low of $357.03 and a 1 year high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the firm posted $1.67 earnings per share. The firm’s revenue was up 58.9% on a year-over-year basis. As a group, analysts expect that AppLovin will post 15.93 EPS for the current fiscal 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.