Wedbush Reiterates Outperform Rating for AppLovin (NASDAQ:APP)

AppLovin (NASDAQ:APP)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a note issued to investors on Thursday, RTT News reports. They presently have a $270.00 target price on the stock, up from their previous target price of $170.00. Wedbush’s price target would indicate a potential upside of 9.09% from the stock’s current price. Wedbush also issued estimates for AppLovin’s Q3 2024 earnings at $0.92 EPS, Q4 2024 earnings at $0.95 EPS, FY2024 earnings at $3.44 EPS, Q1 2025 earnings at $0.98 EPS, Q2 2025 earnings at $0.98 EPS, Q3 2025 earnings at $1.00 EPS, Q4 2025 earnings at $1.03 EPS, FY2025 earnings at $3.98 EPS, Q1 2026 earnings at $1.05 EPS, Q2 2026 earnings at $1.06 EPS, Q3 2026 earnings at $1.08 EPS and FY2026 earnings at $4.31 EPS.

Other equities analysts have also issued research reports about the company. Oppenheimer boosted their price objective on AppLovin from $105.00 to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group upped their price target on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Bank of America raised their price objective on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Citigroup upped their target price on shares of AppLovin from $155.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Macquarie reissued an “outperform” rating and issued a $150.00 price target (up previously from $115.00) on shares of AppLovin in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $147.36.

AppLovin Price Performance

NASDAQ APP traded up $78.96 during trading on Thursday, reaching $247.51. 9,183,180 shares of the company traded hands, compared to its average volume of 4,167,512. 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 cap of $82.73 billion, a price-to-earnings ratio of 105.32, a P/E/G ratio of 2.36 and a beta of 1.86. AppLovin has a 1-year low of $35.79 and a 1-year high of $257.43. The stock’s 50 day moving average price is $132.23 and its two-hundred day moving average price is $98.51.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The firm’s revenue for the quarter was up 44.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.22 EPS. As a group, analysts anticipate that AppLovin will post 3.47 EPS for the current year.

Insider Buying and Selling at AppLovin

In related 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 completion of the transaction, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CMO Katie Kihorany Jansen sold 72,307 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the completion of the sale, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 610,094 shares of company stock worth $51,022,478. Corporate insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Hedge funds have recently made changes to their positions in the business. WCM Investment Management LLC lifted its position in AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. Lone Pine Capital LLC grew its position in AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after buying an additional 382,767 shares in the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares in the last quarter. Fred Alger Management LLC acquired a new stake in AppLovin during the second quarter worth about $290,655,000. Finally, Whale Rock Capital Management LLC acquired a new position in AppLovin during the first quarter valued at approximately $195,129,000. 41.85% of the stock is owned by institutional investors and hedge funds.

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.