AppLovin (NASDAQ:APP) Price Target Raised to $480.00

AppLovin (NASDAQ:APP) had its price objective lifted by research analysts at Oppenheimer from $260.00 to $480.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 45.56% from the company’s current price.

Other research analysts also recently issued reports about the company. Bank of America boosted their price target on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Wedbush reiterated an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Wells Fargo & Company increased their target price on shares of AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Finally, BTIG Research lifted their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $265.57.

AppLovin Price Performance

Shares of APP stock opened at $329.77 on Monday. The firm has a market capitalization of $110.67 billion, a price-to-earnings ratio of 99.93, a PEG 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 stock’s 50-day simple moving average is $185.37 and its 200-day simple moving average is $119.37. AppLovin has a fifty-two week low of $35.79 and a fifty-two week high of $344.77.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 EPS. As a group, equities analysts forecast that AppLovin will post 4.05 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the transaction, the chief technology officer now directly owns 4,530,455 shares of the company’s stock, valued at $381,192,483.70. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction dated 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 owns 10,247 shares in the company, valued at $900,711.30. The trade was a 12.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 854,065 shares of company stock worth $233,072,408 in the last ninety days. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Castellan Group purchased a new position in AppLovin during the third quarter worth about $8,799,000. Optimist Retirement Group LLC purchased a new position in shares of AppLovin during the 3rd quarter worth approximately $284,000. Wilmington Savings Fund Society FSB acquired a new stake in AppLovin in the 3rd quarter valued at approximately $833,000. Sanctuary Advisors LLC raised its position in AppLovin by 341.3% in the third quarter. Sanctuary Advisors LLC now owns 12,789 shares of the company’s stock valued at $1,670,000 after purchasing an additional 9,891 shares during the period. Finally, Pine Valley Investments Ltd Liability Co acquired a new position in AppLovin during the third quarter worth $228,000. Institutional investors and hedge funds 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.