AppLovin (NASDAQ:APP) Receives Hold Rating from Needham & Company LLC

AppLovin (NASDAQ:APP)‘s stock had its “hold” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Thursday,Benzinga reports.

Several other equities research analysts also recently issued reports on the stock. Citigroup reissued a “buy” rating on shares of AppLovin in a research report on Thursday, May 29th. Wells Fargo & Company lifted their price target on AppLovin from $386.00 to $405.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. Morgan Stanley upped their price objective on AppLovin from $420.00 to $460.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. The Goldman Sachs Group increased their price objective on AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. boosted their target price on AppLovin from $355.00 to $400.00 and gave the company a “neutral” rating in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $438.85.

AppLovin Trading Down 3.1%

Shares of NASDAQ APP opened at $338.80 on Thursday. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin has a twelve month low of $60.67 and a twelve month high of $525.15. The company’s fifty day moving average is $339.45 and its 200-day moving average is $333.54. The stock has a market cap of $114.65 billion, a price-to-earnings ratio of 61.16, a P/E/G ratio of 2.03 and a beta of 2.53.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the firm posted $0.67 earnings per share. AppLovin’s revenue was up 40.3% compared to the same quarter last year. Equities research analysts predict that AppLovin will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 400,000 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the sale, the director now owns 221,209 shares in the company, valued at approximately $82,867,103.49. This trade represents a 64.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Craig Scott Billings sold 12,000 shares of AppLovin stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the sale, the director now directly owns 2,987 shares of the company’s stock, valued at $1,054,769.44. The trade was a 80.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 over the last 90 days. Company insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Large investors have recently made changes to their positions in the company. HighPoint Advisor Group LLC grew its holdings in AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after buying an additional 31 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of AppLovin by 6.7% during the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock worth $170,000 after purchasing an additional 33 shares during the period. Forum Financial Management LP increased its holdings in shares of AppLovin by 0.9% during the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock worth $1,223,000 after purchasing an additional 33 shares during the period. Vestcor Inc raised its position in shares of AppLovin by 0.8% in the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock valued at $1,088,000 after buying an additional 33 shares in the last quarter. Finally, GSG Advisors LLC boosted its stake in shares of AppLovin by 0.3% in the first quarter. GSG Advisors LLC now owns 10,256 shares of the company’s stock valued at $2,820,000 after buying an additional 35 shares during the period. 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.