AppLovin (NASDAQ:APP) Price Target Raised to $260.00 at Oppenheimer

AppLovin (NASDAQ:APP) had its target price boosted by equities researchers at Oppenheimer from $180.00 to $260.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential downside of 10.35% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Thursday. BTIG Research upped their target price on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a report on Thursday. The Goldman Sachs Group cut shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Wedbush reiterated an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $182.31.

AppLovin Trading Up 17.6 %

Shares of APP opened at $290.01 on Thursday. The business’s 50-day moving average price is $135.33 and its 200 day moving average price is $99.54. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The stock has a market capitalization of $96.94 billion, a P/E ratio of 123.41, a P/E/G 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 $292.86.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the firm posted $0.22 earnings per share. The firm’s quarterly revenue was up 44.0% compared to the same quarter last year. Analysts expect that AppLovin will post 3.48 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In related news, CMO Katie Kihorany Jansen sold 72,307 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the completion of the sale, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Matthew Stumpf sold 60,615 shares of the firm’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 sale, the chief financial officer now owns 254,458 shares in the company, valued at approximately $20,262,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the transaction, the chief marketing officer now directly owns 1,164,396 shares in the company, valued at $88,121,489.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 610,094 shares of company stock worth $51,022,478 over the last 90 days. Insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Several hedge funds and other institutional investors have recently bought and sold shares of APP. Fred Alger Management LLC bought a new stake in shares of AppLovin in the second quarter valued at about $290,655,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin in the 1st quarter worth approximately $195,129,000. Jericho Capital Asset Management L.P. grew its holdings in shares of AppLovin by 185.0% during 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 in the last quarter. 1832 Asset Management L.P. increased its position in shares of AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after purchasing an additional 1,357,400 shares during the period. Finally, WCM Investment Management LLC raised its stake in shares of AppLovin by 10.5% in the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

About AppLovin

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.