Loop Capital Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its price target hoisted by equities researchers at Loop Capital from $181.00 to $385.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Loop Capital’s target price suggests a potential upside of 36.22% from the company’s current price.

Several other analysts also recently issued reports on the company. Citigroup upped their price target on AppLovin from $155.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and raised their target price for the stock from $103.00 to $150.00 in a research report on Monday, October 14th. Benchmark reiterated a “sell” rating and issued a $66.00 price objective on shares of AppLovin in a research report on Thursday. JPMorgan Chase & Co. lifted their target price on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, BTIG Research lifted their target price on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $194.31.

AppLovin Stock Down 2.5 %

APP stock traded down $7.37 during midday trading on Monday, hitting $282.64. 7,063,937 shares of the company’s stock were exchanged, compared to its average volume of 4,273,798. AppLovin has a 12-month low of $35.79 and a 12-month high of $292.86. The stock has a market capitalization of $94.47 billion, a price-to-earnings ratio of 85.65, a price-to-earnings-growth ratio of 2.43 and a beta of 1.86. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a 50 day moving average price of $139.27 and a 200-day moving average price of $101.52.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a return on equity of 122.06% and a net margin of 26.85%. AppLovin’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. On average, analysts anticipate that AppLovin will post 3.47 EPS for the current year.

Insider Activity

In related news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now owns 352,616 shares of the company’s stock, valued at $31,728,387.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the transaction, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Katie Kihorany Jansen sold 72,306 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $83.71, for a total value of $6,052,735.26. Following the transaction, the chief marketing officer now directly owns 1,092,090 shares of the company’s stock, valued at approximately $91,418,853.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 537,787 shares of company stock valued at $45,550,284. 14.69% of the stock is owned by insiders.

Hedge Funds Weigh In On AppLovin

Several large investors have recently added to or reduced their stakes in APP. WCM Investment Management LLC raised its holdings in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares during the period. Lone Pine Capital LLC lifted its holdings in shares of AppLovin by 7.2% during the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after acquiring an additional 382,767 shares during the last quarter. Jericho Capital Asset Management L.P. lifted its stake in AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares during the last quarter. Fred Alger Management LLC bought a new position in shares of AppLovin during the second quarter valued at about $290,655,000. Finally, Whale Rock Capital Management LLC bought a new position in shares of AppLovin during the first quarter valued at about $195,129,000. 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.