AppLovin (NASDAQ:APP) Price Target Raised to $180.00 at Oppenheimer

AppLovin (NASDAQ:APP) had its price target upped by Oppenheimer from $105.00 to $180.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages have also recently weighed in on APP. Wedbush cut their price objective on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. 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 report on Wednesday, September 11th. BTIG Research increased their price target on shares of AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a report on Friday, September 13th. Citigroup increased their price target on shares of AppLovin from $155.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Loop Capital started coverage on shares of AppLovin in a report on Tuesday. They set a “buy” rating and a $181.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.58.

AppLovin Price Performance

APP stock opened at $159.40 on Wednesday. AppLovin has a 1 year low of $34.45 and a 1 year high of $165.38. The company has a market cap of $52.44 billion, a P/E ratio of 94.88, a PEG ratio of 2.07 and a beta of 1.92. The firm has a 50-day moving average of $115.25 and a 200 day moving average of $91.60. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business’s revenue was up 44.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.22 earnings per share. On average, sell-side analysts forecast that AppLovin will post 3.46 EPS for the current year.

Insider Activity at AppLovin

In related news, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the transaction, the chief financial officer now owns 254,458 shares in the company, valued at $20,262,490.54. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares in the company, valued at $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. 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 quarter. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in APP. Fred Alger Management LLC bought a new stake in shares of AppLovin during the 2nd quarter valued at $290,655,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin during the 1st quarter valued at $195,129,000. Jericho Capital Asset Management L.P. raised its position 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 valued at $269,305,000 after purchasing an additional 2,525,240 shares during the period. 1832 Asset Management L.P. raised its position in shares of AppLovin by 977.2% during the 2nd 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, Jackson Square Partners LLC bought a new stake in shares of AppLovin during the 1st quarter valued at $54,736,000. 41.85% of the stock is currently owned by institutional investors.

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.