Piper Sandler Raises AppLovin (NASDAQ:APP) Price Target to $575.00

AppLovin (NASDAQ:APP) had its price target boosted by stock analysts at Piper Sandler from $400.00 to $575.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 15.56% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Bank of America lifted their price target on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday. Stifel Nicolaus boosted their price objective on AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Macquarie increased their target price on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. UBS Group upped their price objective on shares of AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $399.82.

AppLovin Stock Performance

Shares of NASDAQ APP traded up $117.27 during midday trading on Thursday, reaching $497.59. 7,180,501 shares of the stock were exchanged, compared to its average volume of 4,335,098. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market cap of $166.98 billion, a price-to-earnings ratio of 150.90, a PEG ratio of 3.10 and a beta of 2.30. The firm has a 50-day simple moving average of $347.30 and a two-hundred day simple moving average of $224.62. AppLovin has a twelve month low of $45.59 and a twelve month high of $525.15.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. As a group, analysts anticipate that AppLovin will post 4.09 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the sale, the director now owns 2,987 shares of the company’s stock, valued at $952,673.78. This trade represents a 85.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the sale, the chief technology officer now directly owns 3,919,024 shares of the company’s stock, valued at $1,251,618,694.88. The trade was a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 828,991 shares of company stock worth $267,640,144 in the last three months. 14.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

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