AppLovin (NASDAQ:APP) Lifted to Buy at UBS Group

UBS Group upgraded shares of AppLovin (NASDAQ:APP) from a neutral rating to a buy rating in a research note released on Tuesday morning, MarketBeat Ratings reports. They currently have $145.00 price target on the stock, up from their previous price target of $100.00.

APP has been the topic of a number of other research reports. Bank of America raised their target price on AppLovin from $100.00 to $120.00 and gave the company a buy rating in a report on Wednesday, September 11th. Benchmark upped their price objective on AppLovin from $48.00 to $66.00 and gave the company a sell rating in a research note on Friday, August 23rd. Oppenheimer reiterated an outperform rating and set a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. BTIG Research raised their price target on AppLovin from $114.00 to $150.00 and gave the company a buy rating in a report on Friday, September 13th. Finally, Jefferies Financial Group boosted their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a buy rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $103.09.

AppLovin Stock Up 0.7 %

Shares of APP stock opened at $124.00 on Tuesday. The stock’s 50 day simple moving average is $86.26 and its 200 day simple moving average is $79.52. AppLovin has a twelve month low of $34.45 and a twelve month high of $128.19. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $40.80 billion, a price-to-earnings ratio of 73.81, a PEG ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The company’s quarterly revenue was up 44.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 earnings per share. As a group, research analysts predict that AppLovin will post 3.46 EPS for the current year.

Insider Activity

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CTO Vasily Shikin sold 5,500 shares of AppLovin stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $86.04, for a total value of $473,220.00. Following the sale, the chief technology officer now owns 4,536,447 shares of the company’s stock, valued at $390,315,899.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The disclosure for this sale can be found here. Insiders sold 775,934 shares of company stock worth $65,805,022 over the last quarter. 14.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently bought and sold shares of APP. WCM Investment Management LLC acquired a new position in shares of AppLovin in the first quarter valued at $497,488,000. Fred Alger Management LLC bought a new stake in shares of AppLovin during the 2nd quarter worth about $290,655,000. Whale Rock Capital Management LLC acquired a new position in AppLovin in the 1st quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. raised its holdings in AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares during the period. Finally, 1832 Asset Management L.P. lifted its position in AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after acquiring an additional 1,357,400 shares during the last quarter. Institutional investors 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.