Oppenheimer Raises AppLovin (NASDAQ:APP) Price Target to $480.00

AppLovin (NASDAQ:APP) had its target price upped by analysts at Oppenheimer from $260.00 to $480.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price suggests a potential upside of 44.07% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on APP. Jefferies Financial Group boosted their target price on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Wedbush reissued an “outperform” rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Bank of America upped their price target on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Stifel Nicolaus boosted their price objective on shares of AppLovin from $185.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $249.34.

AppLovin Stock Performance

Shares of AppLovin stock traded down $0.15 during mid-day trading on Monday, hitting $333.16. 1,517,487 shares of the stock were exchanged, compared to its average volume of 4,439,945. The company has a market capitalization of $111.81 billion, a P/E ratio of 100.96, a P/E/G ratio of 4.11 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The company has a 50-day simple moving average of $181.30 and a 200 day simple moving average of $117.71. AppLovin has a 12 month low of $35.79 and a 12 month high of $344.00.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm posted $0.30 earnings per share. The company’s revenue for the quarter was up 38.6% on a year-over-year basis. Sell-side analysts anticipate that AppLovin will post 4.05 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $86.04, for a total transaction of $473,220.00. Following the sale, the chief technology officer now directly owns 4,536,447 shares of the company’s stock, valued at $390,315,899.88. This represents a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 21,101 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the sale, the chief financial officer now directly owns 213,336 shares in the company, valued at $70,970,487.12. This trade represents a 9.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,065 shares of company stock worth $233,072,408. 14.69% of the stock is owned by company insiders.

Institutional Trading of AppLovin

Large investors have recently modified their holdings of the company. WCM Investment Management LLC lifted its position in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares during the period. FMR LLC raised its stake in AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares in the last quarter. Lone Pine Capital LLC lifted its holdings 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 during the period. State Street Corp boosted its position in AppLovin by 8.6% during the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in AppLovin by 12.8% during the 3rd quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after acquiring an additional 449,241 shares in 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.