Oppenheimer Raises AppLovin (NASDAQ:APP) Price Target to $180.00

AppLovin (NASDAQ:APP) had its price target upped by Oppenheimer from $105.00 to $180.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other analysts have also issued research reports about the company. Citigroup upped their price objective on AppLovin from $155.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. upped their price objective on AppLovin from $57.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and upped their price objective for the company from $103.00 to $150.00 in a report on Monday, October 14th. Benchmark upped their price objective on AppLovin from $48.00 to $66.00 and gave the company a “sell” rating in a report on Friday, August 23rd. Finally, Loop Capital assumed coverage on AppLovin in a report on Tuesday. They issued a “buy” rating and a $181.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.58.

AppLovin Trading Up 1.7 %

NASDAQ:APP opened at $161.63 on Wednesday. AppLovin has a 1 year low of $34.45 and a 1 year high of $165.38. The stock has a market cap of $53.18 billion, a price-to-earnings ratio of 96.21, a PEG ratio of 2.07 and a beta of 1.92. The business has a fifty day moving average of $119.72 and a 200-day moving average of $93.11. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28.

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

Insider Activity at AppLovin

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 60,615 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the transaction, the chief financial officer now directly owns 254,458 shares in the company, valued at $20,262,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 610,094 shares of company stock valued at $51,022,478. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of APP. Fred Alger Management LLC acquired a new position in AppLovin in the 2nd quarter worth about $290,655,000. Whale Rock Capital Management LLC acquired a new position in AppLovin in the 1st quarter worth about $195,129,000. Jericho Capital Asset Management L.P. increased its position in 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 worth $269,305,000 after purchasing an additional 2,525,240 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in shares of AppLovin by 977.2% during 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 acquiring an additional 1,357,400 shares during the last quarter. Finally, Jackson Square Partners LLC acquired a new position in shares of AppLovin during the 1st quarter valued at about $54,736,000. 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.