AppLovin (NASDAQ:APP) Raised to “Strong-Buy” at Wedbush

AppLovin (NASDAQ:APP) was upgraded by stock analysts at Wedbush to a “strong-buy” rating in a research note issued on Monday, Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Benchmark raised their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Citigroup raised their price target on AppLovin from $155.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Bank of America upped their price objective on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Jefferies Financial Group raised their target price on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, Oppenheimer upped their price target on shares of AppLovin from $105.00 to $180.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $136.78.

AppLovin Stock Up 3.8 %

Shares of AppLovin stock opened at $165.18 on Monday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The business has a 50-day moving average price of $129.12 and a 200 day moving average price of $97.33. AppLovin has a fifty-two week low of $35.79 and a fifty-two week high of $174.46. The firm has a market cap of $55.21 billion, a P/E ratio of 70.29, a P/E/G ratio of 2.36 and a beta of 1.86.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the business earned $0.22 EPS. The business’s quarterly revenue was up 44.0% on a year-over-year basis. On average, sell-side analysts forecast that AppLovin will post 3.47 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now directly owns 1,164,396 shares in the company, valued at $88,121,489.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the sale, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 610,094 shares of company stock valued at $51,022,478. 14.69% of the stock is owned by corporate insiders.

Institutional Trading of AppLovin

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in AppLovin during the 1st quarter worth approximately $27,080,000. Janney Montgomery Scott LLC raised its position in AppLovin by 167.0% during the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after buying an additional 10,099 shares during the period. Nordea Investment Management AB purchased a new stake in AppLovin in the 1st quarter worth about $623,000. Mediolanum International Funds Ltd purchased a new stake in AppLovin in the 1st quarter worth about $2,872,000. Finally, MGB Wealth Management LLC boosted its position in AppLovin by 1,767.0% during the 1st quarter. MGB Wealth Management LLC now owns 361,634 shares of the company’s stock worth $25,032,000 after acquiring an additional 342,264 shares during the period. Institutional investors and hedge funds 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.