Oppenheimer Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its target price increased by Oppenheimer from $260.00 to $480.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts also recently commented on the company. Citigroup boosted their price objective on AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $80.00 to $280.00 in a report on Friday, November 8th. Wedbush reiterated an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Piper Sandler began 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. Finally, Bank of America lifted their price target on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and an average target price of $249.34.

AppLovin Stock Performance

NASDAQ:APP opened at $319.59 on Monday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin has a twelve month low of $35.79 and a twelve month high of $344.77. The company has a fifty day moving average of $185.37 and a 200-day moving average of $119.37. The firm has a market capitalization of $107.25 billion, a P/E ratio of 96.85, a P/E/G ratio of 4.11 and a beta of 1.86.

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 firm had revenue of $1.20 billion during 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 business’s revenue was up 38.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 earnings per share. As a group, sell-side analysts anticipate that AppLovin will post 4.05 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, CMO Katie Kihorany Jansen sold 59,876 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares in the company, valued at approximately $291,115,402.32. This represents a 5.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew Stumpf sold 21,101 shares of AppLovin stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the completion of the transaction, the chief financial officer now owns 213,336 shares of the company’s stock, valued at $70,970,487.12. This represents a 9.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 854,065 shares of company stock valued at $233,072,408. Company insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Large investors have recently made changes to their positions in the stock. Toronto Dominion Bank purchased a new stake in AppLovin during the 1st quarter worth about $1,193,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of AppLovin by 122.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 536,937 shares of the company’s stock worth $37,168,000 after buying an additional 295,251 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new position in shares of AppLovin in the first quarter valued at approximately $220,000. B. Riley Wealth Advisors Inc. purchased a new position in AppLovin during the first quarter valued at approximately $474,000. Finally, California State Teachers Retirement System increased its holdings in AppLovin by 47.7% during the 1st quarter. California State Teachers Retirement System now owns 241,197 shares of the company’s stock worth $16,696,000 after acquiring an additional 77,914 shares during the period. 41.85% of the stock is owned by 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.