Oppenheimer Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its target price lifted by Oppenheimer from $180.00 to $260.00 in a research report sent to investors on Thursday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on the stock. Stifel Nicolaus upped their target price on shares of AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup boosted their price objective on AppLovin from $155.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Bank of America increased their target price on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. BTIG Research raised their price objective on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a report on Thursday. Finally, Benchmark reiterated a “sell” rating and set a $66.00 price target on shares of AppLovin in a report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $182.31.

AppLovin Price Performance

AppLovin stock traded up $39.43 during mid-day trading on Thursday, hitting $285.96. 11,767,422 shares of the company were exchanged, compared to its average volume of 4,245,897. The company has a market capitalization of $95.58 billion, a PE ratio of 112.00, a price-to-earnings-growth ratio of 2.29 and a beta of 1.86. AppLovin has a 1-year low of $35.79 and a 1-year high of $286.19. The business has a fifty day moving average of $135.33 and a 200 day moving average of $99.54. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm posted $0.22 earnings per share. AppLovin’s revenue for the quarter was up 44.0% compared to the same quarter last year. As a group, sell-side analysts expect that AppLovin will post 3.48 earnings per share for the current year.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now owns 352,616 shares in the company, valued at approximately $31,728,387.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 229,200 shares of AppLovin stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the transaction, the director now directly owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 610,094 shares of company stock valued at $51,022,478 over the last 90 days. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of AppLovin by 9,470.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock valued at $17,336,000 after buying an additional 248,022 shares during the period. Acadian Asset Management LLC boosted its holdings in AppLovin by 2,081.4% during the first quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after buying an additional 15,590 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in AppLovin by 167.0% in the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after purchasing an additional 10,099 shares during the last quarter. Clearbridge Investments LLC lifted its stake in AppLovin by 73.0% in the 2nd quarter. Clearbridge Investments LLC now owns 893,344 shares of the company’s stock valued at $74,344,000 after buying an additional 376,835 shares in the last quarter. Finally, Smithbridge Asset Management Inc. DE acquired a new position in AppLovin in the 3rd quarter valued at about $7,086,000. 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.