AppLovin (NASDAQ:APP) Price Target Raised to $480.00

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

A number of other analysts have also recently issued reports on the stock. Citigroup increased their price objective on shares of AppLovin from $185.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Bank of America increased their price objective on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Loop Capital increased their price objective on shares of AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $265.57.

AppLovin Stock Down 0.4 %

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

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

Insider Transactions at AppLovin

In related news, CFO Matthew Stumpf sold 21,101 shares of AppLovin stock in a transaction dated 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 sale, the chief financial officer now owns 213,336 shares in the company, valued at $70,970,487.12. This trade represents a 9.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Craig Scott Billings sold 18,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the sale, the director now owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. This represents a 85.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 854,065 shares of company stock worth $233,072,408. 14.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of APP. FMR LLC grew its position in shares of AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after buying an additional 6,801,138 shares during the last quarter. Fred Alger Management LLC purchased a new stake in AppLovin during the 2nd quarter worth approximately $290,655,000. 1832 Asset Management L.P. grew its position in AppLovin by 977.2% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after purchasing an additional 1,357,400 shares during the last quarter. WCM Investment Management LLC grew its position in AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in AppLovin by 31.3% during the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock worth $306,897,000 after purchasing an additional 560,560 shares during the last quarter. Hedge funds and other institutional investors 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.