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

AppLovin (NASDAQ:APP) had its price target boosted by Oppenheimer from $260.00 to $480.00 in a research report released on Monday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

APP has been the subject of a number of other research reports. Stifel Nicolaus upped their target price on AppLovin from $185.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Citigroup raised their price objective on AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Macquarie upped their target price on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Wedbush restated an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Finally, Bank of America lifted their target price on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.57.

AppLovin Stock Performance

Shares of 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 market cap of $110.26 billion, a PE ratio of 99.56, a price-to-earnings-growth ratio of 3.94 and a beta of 1.86. The stock has a 50-day moving average price of $193.60 and a 200-day moving average price of $122.53.

AppLovin (NASDAQ:APP) last issued its quarterly 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. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business’s quarterly revenue was up 38.6% on a year-over-year basis. During the same period last year, the business earned $0.30 earnings per share. As a group, equities analysts forecast that AppLovin will post 4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Craig Scott Billings sold 18,000 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $318.94, for a total value of $5,740,920.00. Following the completion of the transaction, the director now directly owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. The trade was a 85.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew Stumpf sold 21,101 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $332.67, for a total value of $7,019,669.67. Following the transaction, the chief financial officer now directly owns 213,336 shares in the company, valued at approximately $70,970,487.12. The trade was a 9.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,065 shares of company stock worth $233,072,408 over the last three months. 14.69% of the stock is owned by insiders.

Institutional Trading of AppLovin

Several large investors have recently made changes to their positions in APP. Second Half Financial Partners LLC acquired a new position in AppLovin during the 3rd quarter worth about $224,000. Eagle Asset Management Inc. increased its position in shares of 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 purchasing an additional 500,407 shares during the last quarter. WCM Investment Management LLC raised its holdings in shares of AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of AppLovin by 10.0% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company’s stock valued at $3,440,000 after purchasing an additional 2,385 shares in the last quarter. Finally, Smithbridge Asset Management Inc. DE acquired a new position in shares of AppLovin during the third quarter worth $7,086,000. 41.85% of the stock is currently owned by hedge funds and other 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.