Oppenheimer Raises AppLovin (NASDAQ:APP) Price Target to $97.00

AppLovin (NASDAQ:APP) had its price target boosted by equities research analysts at Oppenheimer from $85.00 to $97.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price objective would suggest a potential upside of 14.14% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. TheStreet upgraded shares of AppLovin from a “d+” rating to a “c-” rating in a research report on Friday, March 8th. UBS Group lifted their price target on AppLovin from $46.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, February 15th. BTIG Research raised their price objective on shares of AppLovin from $87.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research note on Thursday. Finally, Morgan Stanley lifted their price objective on shares of AppLovin from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average price target of $68.19.

AppLovin Stock Up 14.8 %

NASDAQ:APP traded up $10.98 during mid-day trading on Thursday, reaching $84.98. The company’s stock had a trading volume of 10,862,959 shares, compared to its average volume of 4,111,916. AppLovin has a 1 year low of $17.57 and a 1 year high of $88.50. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The firm has a market capitalization of $27.99 billion, a PE ratio of 85.19, a price-to-earnings-growth ratio of 1.48 and a beta of 1.85. The stock has a fifty day moving average of $69.60 and a 200-day moving average of $51.97.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $973.70 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.01) earnings per share. Equities research analysts forecast that AppLovin will post 2.54 earnings per share for the current year.

Insider Activity

In other AppLovin news, CFO Matthew Stumpf sold 2,775 shares of AppLovin stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of the sale, the chief financial officer now directly owns 362,264 shares of the company’s stock, valued at approximately $22,931,311.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Matthew Stumpf sold 2,775 shares of AppLovin stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the sale, the chief financial officer now directly owns 362,264 shares in the company, valued at approximately $22,931,311.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig Scott Billings sold 5,550 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the transaction, the director now owns 12,739 shares of the company’s stock, valued at approximately $743,065.87. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,215 shares of company stock worth $4,416,815. 14.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently bought and sold shares of APP. Vanguard Group Inc. increased its holdings in shares of AppLovin by 8.5% in the 3rd quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock valued at $723,245,000 after purchasing an additional 1,411,453 shares in the last quarter. WCM Investment Management LLC acquired a new stake in shares of AppLovin during the 1st quarter valued at approximately $497,488,000. Sapient Capital LLC purchased a new stake in shares of AppLovin during the 4th quarter worth approximately $165,057,000. First Trust Advisors LP boosted its stake in shares of AppLovin by 42.6% during the 4th quarter. First Trust Advisors LP now owns 2,298,740 shares of the company’s stock worth $91,605,000 after acquiring an additional 686,258 shares in the last quarter. Finally, Raymond James & Associates increased its stake in AppLovin by 48.4% in the 1st quarter. Raymond James & Associates now owns 1,545,837 shares of the company’s stock valued at $107,003,000 after purchasing an additional 503,998 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

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.