AppLovin (NASDAQ:APP) Rating Increased to Buy at UBS Group

AppLovin (NASDAQ:APP) was upgraded by equities researchers at UBS Group from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $145.00 price objective on the stock, up from their previous price objective of $100.00. UBS Group’s target price would indicate a potential upside of 17.73% from the stock’s previous close.

A number of other research firms have also issued reports on APP. Benchmark increased 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. Oppenheimer reiterated an “outperform” rating and issued a $105.00 price objective (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Wedbush decreased their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Jefferies Financial Group upped their price target on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, BTIG Research increased their price target on AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average target price of $98.71.

AppLovin Price Performance

APP stock opened at $123.16 on Tuesday. The business’s fifty day moving average price is $86.26 and its 200 day moving average price is $79.52. AppLovin has a 12-month low of $34.45 and a 12-month high of $125.75. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The company has a market capitalization of $40.52 billion, a PE ratio of 73.31, a P/E/G ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.12. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. AppLovin’s revenue was up 44.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 EPS. On average, sell-side analysts anticipate that AppLovin will post 3.46 EPS for the current year.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 47,001 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the sale, the insider now owns 390,615 shares of the company’s stock, valued at $33,225,711.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victoria Valenzuela sold 47,001 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the completion of the sale, the insider now directly owns 390,615 shares of the company’s stock, valued at $33,225,711.90. The disclosure for this sale can be found here. Insiders sold 775,934 shares of company stock valued at $65,805,022 over the last three months. 14.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in APP. WCM Investment Management LLC acquired a new stake in shares of AppLovin during the first quarter worth about $497,488,000. Fred Alger Management LLC purchased a new stake in AppLovin during the 2nd quarter valued at approximately $290,655,000. Whale Rock Capital Management LLC acquired a new stake in AppLovin during the 1st quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. grew its stake in shares of 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 purchasing an additional 2,525,240 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its stake in shares of AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. Hedge funds and other 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.