AppLovin (NASDAQ:APP) Receives “Outperform” Rating from Oppenheimer

AppLovin (NASDAQ:APP)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Oppenheimer in a research report issued on Tuesday,Benzinga reports. They presently have a $480.00 target price on the stock. Oppenheimer’s price target would suggest a potential upside of 43.88% from the company’s previous close.

A number of other analysts also recently weighed in on APP. Piper Sandler started coverage on shares of AppLovin in a report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 target price on the stock. The Goldman Sachs Group cut shares of AppLovin from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Citigroup boosted their price objective on shares of AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Stifel Nicolaus boosted their price objective on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $292.79.

AppLovin Stock Performance

Shares of AppLovin stock traded down $8.92 on Tuesday, hitting $333.62. 4,567,370 shares of the company’s stock were exchanged, compared to its average volume of 4,557,498. The company has a 50-day simple moving average of $230.54 and a 200-day simple moving average of $138.34. The stock has a market capitalization of $111.96 billion, a PE ratio of 100.91, a PEG ratio of 4.95 and a beta of 2.27. AppLovin has a 1 year low of $35.79 and a 1 year high of $417.64. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company’s revenue was up 38.6% on a year-over-year basis. During the same period last year, the firm earned $0.30 EPS. As a group, equities analysts anticipate that AppLovin will post 4.06 EPS for the current year.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $319.37, for a total value of $189,574,199.56. Following the completion of the transaction, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This trade represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 771,320 shares of company stock worth $246,205,613. Insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Institutional investors have recently modified their holdings of the business. Townsquare Capital LLC increased its holdings in shares of AppLovin by 64.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares during the period. Second Half Financial Partners LLC acquired a new position in AppLovin in the 3rd quarter valued at $224,000. State Street Corp increased its stake in AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the period. Eagle Asset Management Inc. increased its stake in AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after buying an additional 500,407 shares during the period. Finally, Zacks Investment Management increased its stake in AppLovin by 328.1% in the 3rd quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after buying an additional 81,331 shares during the period. 41.85% of the stock is 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.