AppLovin (NASDAQ:APP) Price Target Raised to $740.00 at Oppenheimer

AppLovin (NASDAQ:APP) had its price target increased by Oppenheimer from $500.00 to $740.00 in a report published on Tuesday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other research analysts have also commented on APP. JPMorgan Chase & Co. raised their price objective on shares of AppLovin from $400.00 to $425.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Tuesday, August 26th. Scotiabank restated an “outperform” rating on shares of AppLovin in a report on Thursday, August 28th. Piper Sandler boosted their price target on shares of AppLovin from $470.00 to $500.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Finally, Wall Street Zen downgraded shares of AppLovin from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $513.38.

AppLovin Stock Performance

Shares of APP stock opened at $639.91 on Tuesday. AppLovin has a 12-month low of $125.62 and a 12-month high of $670.19. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a market capitalization of $216.45 billion, a price-to-earnings ratio of 90.90, a price-to-earnings-growth ratio of 3.55 and a beta of 2.44. The business has a 50 day simple moving average of $474.49 and a 200 day simple moving average of $373.64.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company’s revenue for the quarter was up 77.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.89 earnings per share. On average, equities research analysts anticipate that AppLovin will post 6.87 EPS for the current year.

Insider Activity

In other AppLovin news, CTO Vasily Shikin sold 30,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the completion of the sale, the chief technology officer directly owned 3,360,104 shares in the company, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $432.49, for a total value of $86,498,000.00. Following the completion of the transaction, the director owned 181,929 shares in the company, valued at $78,682,473.21. This represents a 52.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,156,788 shares of company stock worth $514,863,333. 13.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in AppLovin during the second quarter valued at $951,541,000. Dynasty Wealth Management LLC grew its stake in shares of AppLovin by 117,664.4% in the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company’s stock valued at $716,133,000 after buying an additional 2,700,399 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in AppLovin by 36.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after buying an additional 1,769,400 shares during the last quarter. Vanguard Group Inc. raised its position in AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock valued at $4,724,594,000 after acquiring an additional 1,213,536 shares in the last quarter. Finally, Baillie Gifford & Co. lifted its stake in AppLovin by 29.0% in the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock valued at $1,396,486,000 after acquiring an additional 1,185,859 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

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.