Macquarie Reaffirms “Outperform” Rating for AppLovin (NASDAQ:APP)

Macquarie reaffirmed their outperform rating on shares of AppLovin (NASDAQ:APP) in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a $150.00 price target on the stock, up from their previous price target of $115.00.

A number of other equities research analysts have also recently issued reports on APP. Bank of America upped their price target on shares of AppLovin from $100.00 to $120.00 and gave the company a buy rating in a report on Wednesday, September 11th. BTIG Research lifted their target price on shares of AppLovin from $114.00 to $150.00 and gave the company a buy rating in a research report on Friday, September 13th. Benchmark upped their price target on AppLovin from $48.00 to $66.00 and gave the company a sell rating in a research report on Friday, August 23rd. Wedbush dropped their price objective on shares of AppLovin from $100.00 to $90.00 and set an outperform rating for the company in a report on Thursday, August 8th. Finally, UBS Group upgraded shares of AppLovin from a neutral rating to a buy rating and upped their price target for the stock from $100.00 to $145.00 in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $106.44.

AppLovin Price Performance

NASDAQ:APP opened at $127.75 on Wednesday. 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’s 50-day moving average price is $92.41 and its 200 day moving average price is $82.57. AppLovin has a 52-week low of $34.45 and a 52-week high of $133.05. The firm has a market cap of $42.70 billion, a P/E ratio of 76.04, a PEG ratio of 1.82 and a beta of 1.88.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the firm posted $0.22 earnings per share. As a group, sell-side analysts predict that AppLovin will post 3.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly 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 valued at $65,805,022 over the last 90 days. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several large investors have recently made changes to their positions in APP. FinTrust Capital Advisors LLC purchased a new stake in AppLovin in the 4th quarter worth approximately $32,000. Quest Partners LLC purchased a new stake in AppLovin during the second quarter valued at about $33,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in AppLovin in the second quarter worth approximately $34,000. Covestor Ltd raised its stake in shares of AppLovin by 85.8% during the first quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after acquiring an additional 236 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in AppLovin in the second quarter worth $37,000. 41.85% of the stock is 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.