Wedbush Boosts AppLovin (NASDAQ:APP) Price Target to $100.00

AppLovin (NASDAQ:APP) had its target price hoisted by analysts at Wedbush from $87.00 to $100.00 in a report released on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 18.37% from the company’s current price.

A number of other research firms also recently commented on APP. The Goldman Sachs Group boosted their target price on AppLovin from $73.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. Stifel Nicolaus increased their target price on AppLovin from $65.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Daiwa Capital Markets assumed coverage on shares of AppLovin in a report on Monday, April 15th. They issued a “neutral” rating and a $80.00 target price for the company. UBS Group upped their price target on shares of AppLovin from $46.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, February 15th. Finally, Morgan Stanley lifted their price objective on shares of AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.95.

AppLovin Trading Up 14.2 %

APP stock opened at $84.48 on Thursday. The company has a market capitalization of $27.83 billion, a price-to-earnings ratio of 74.00, a PEG ratio of 1.48 and a beta of 1.85. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.71 and a quick ratio of 1.71. AppLovin has a 1-year low of $17.57 and a 1-year high of $84.48. The business has a 50 day simple moving average of $69.60 and a two-hundred day simple moving average of $51.97.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $973.70 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. AppLovin’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period last year, the company posted ($0.01) earnings per share. Research analysts anticipate that AppLovin will post 2.54 EPS for the current fiscal year.

Insider Activity

In other news, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the completion of the transaction, the insider now directly owns 546,560 shares of the company’s stock, valued at approximately $31,569,305.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Victoria Valenzuela sold 2,890 shares of AppLovin stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total value of $166,926.40. Following the transaction, the insider now owns 546,560 shares of the company’s stock, valued at approximately $31,569,305.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matthew Stumpf sold 2,775 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the sale, the chief financial officer now directly owns 362,264 shares of the company’s stock, valued at approximately $22,931,311.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,215 shares of company stock worth $4,416,815. Corporate insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in APP. Vanguard Group Inc. grew its holdings in shares of AppLovin by 8.5% during the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock valued at $723,245,000 after buying an additional 1,411,453 shares during the last quarter. WCM Investment Management LLC purchased a new position in shares of AppLovin during the first quarter worth $497,488,000. Sapient Capital LLC acquired a new position in AppLovin during the fourth quarter valued at $165,057,000. First Trust Advisors LP grew its position in AppLovin by 42.6% during the 4th quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock worth $91,605,000 after purchasing an additional 686,258 shares during the period. Finally, Raymond James & Associates raised its stake in shares of AppLovin by 48.4% during the 1st quarter. Raymond James & Associates now owns 1,545,837 shares of the company’s stock valued at $107,003,000 after buying an additional 503,998 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

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.