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

AppLovin (NASDAQ:APP) had its target price upped by research analysts at Wedbush from $87.00 to $100.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 18.37% from the company’s previous close.

Several other equities analysts also recently weighed in on APP. The Goldman Sachs Group increased 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 raised their target price on shares of AppLovin from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Morgan Stanley upped their price target on shares of AppLovin from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. TheStreet upgraded shares of AppLovin from a “d+” rating to a “c-” rating in a report on Friday, March 8th. Finally, Oppenheimer lifted their target price on AppLovin from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $65.95.

AppLovin Price Performance

AppLovin stock opened at $84.48 on Thursday. The stock has a market capitalization of $27.83 billion, a P/E ratio of 74.00, a P/E/G ratio of 1.48 and a beta of 1.85. AppLovin has a 12-month low of $17.57 and a 12-month high of $84.48. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.71 and a quick ratio of 1.71. The firm’s 50-day moving average is $69.60 and its two-hundred day moving average is $51.97.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $973.70 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. AppLovin’s revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.01) earnings per share. Equities analysts predict that AppLovin will post 2.54 earnings per share for the current year.

Insider Activity at AppLovin

In other news, Director Craig Scott Billings sold 5,550 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the transaction, the director now directly owns 12,739 shares in the company, valued at approximately $743,065.87. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other AppLovin news, insider Victoria Valenzuela sold 50,000 shares of the business’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the completion of the transaction, the insider now owns 471,560 shares in the company, valued at approximately $35,371,715.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig Scott Billings sold 5,550 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total value of $323,731.50. Following the transaction, the director now directly owns 12,739 shares in the company, valued at $743,065.87. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,215 shares of company stock valued at $4,416,815. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several institutional investors have recently bought and sold shares of APP. Cambridge Investment Research Advisors Inc. bought a new position in AppLovin during the 3rd quarter valued at $237,000. Robeco Institutional Asset Management B.V. purchased a new stake in shares of AppLovin during the 3rd quarter worth about $45,000. Bank of New York Mellon Corp lifted its stake in AppLovin by 5.0% in the third quarter. Bank of New York Mellon Corp now owns 709,140 shares of the company’s stock valued at $28,337,000 after acquiring an additional 34,067 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in AppLovin by 23.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,259 shares of the company’s stock worth $1,209,000 after purchasing an additional 5,807 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of AppLovin during the 3rd quarter valued at about $768,000. 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.