AppLovin (NASDAQ:APP) Given New $480.00 Price Target at Oppenheimer

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

A number of other research firms have also recently weighed in on APP. The Goldman Sachs Group cut shares of 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 report on Monday, October 14th. Jefferies Financial Group upped their price objective on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Bank of America upped their price objective on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. 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 research report on Friday, November 8th. Finally, Loop Capital upped their target price on shares of AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.57.

AppLovin Stock Performance

Shares of NASDAQ APP opened at $328.56 on Monday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin has a 12 month low of $35.79 and a 12 month high of $344.77. The company has a 50 day simple moving average of $189.49 and a two-hundred day simple moving average of $121.08. The stock has a market cap of $110.26 billion, a price-to-earnings ratio of 99.56, a PEG ratio of 3.94 and a beta of 1.86.

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

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the 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 completion of the transaction, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at $381,192,483.70. This trade represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew Stumpf sold 21,101 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the transaction, the chief financial officer now directly owns 213,336 shares of the company’s stock, valued at approximately $70,970,487.12. This trade represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,065 shares of company stock valued at $233,072,408 over the last 90 days. 14.69% of the stock is owned by company insiders.

Institutional Trading of AppLovin

Several hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. lifted its position in shares of AppLovin by 37.0% during the third quarter. Franklin Resources Inc. now owns 996,996 shares of the company’s stock worth $130,158,000 after purchasing an additional 269,134 shares in the last quarter. Castellan Group acquired a new stake in AppLovin in the third quarter valued at approximately $8,799,000. Optimist Retirement Group LLC acquired a new stake in AppLovin in the third quarter valued at approximately $284,000. Wilmington Savings Fund Society FSB acquired a new stake in AppLovin in the third quarter valued at approximately $833,000. Finally, Sanctuary Advisors LLC raised its holdings 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 acquiring an additional 9,891 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.