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

AppLovin (NASDAQ:APP) had its price objective lifted by Oppenheimer from $105.00 to $180.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. Bank of America increased their target price on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Jefferies Financial Group raised their price objective on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Loop Capital began coverage on shares of AppLovin in a report on Tuesday, October 22nd. They set a “buy” rating and a $181.00 target price for the company. BTIG Research lifted their price target on shares of AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average price target of $129.58.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $161.63 on Wednesday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm’s 50-day moving average price is $119.72 and its 200-day moving average price is $93.23. AppLovin has a 52-week low of $34.45 and a 52-week high of $165.38. The company has a market cap of $53.18 billion, a PE ratio of 96.21, a PEG ratio of 2.07 and a beta of 1.92.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion during 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 was up 44.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 EPS. As a group, analysts anticipate that AppLovin will post 3.46 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’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 transaction, the director now 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 can be accessed through this hyperlink. In related news, CTO Vasily Shikin sold 5,500 shares of the 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 completion of the transaction, the chief technology officer now directly owns 4,536,447 shares of the company’s stock, valued at approximately $390,315,899.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of AppLovin stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. The trade was a 0.00 % decrease in their position. 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 in the last three months. 14.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. First Trust Direct Indexing L.P. purchased a new stake in AppLovin during the third quarter valued at $296,000. New York State Teachers Retirement System increased its holdings in shares of AppLovin by 97.8% in the 3rd quarter. New York State Teachers Retirement System now owns 14,850 shares of the company’s stock worth $1,939,000 after buying an additional 7,342 shares during the last quarter. Bay Rivers Group purchased a new stake in shares of AppLovin during the 3rd quarter valued at about $447,000. Strategic Blueprint LLC lifted its holdings in shares of AppLovin by 13.9% in the 3rd quarter. Strategic Blueprint LLC now owns 3,140 shares of the company’s stock valued at $410,000 after acquiring an additional 383 shares during the last quarter. Finally, Diversify Advisory Services LLC increased its stake in AppLovin by 32.6% during the third quarter. Diversify Advisory Services LLC now owns 15,549 shares of the company’s stock worth $2,030,000 after acquiring an additional 3,823 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.