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

AppLovin (NASDAQ:APP) had its target price raised by analysts at Oppenheimer from $260.00 to $480.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price objective would indicate a potential upside of 44.07% from the company’s current price.

Several other equities research analysts also recently weighed in on APP. Bank of America increased their price target on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. BTIG Research boosted their price target on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Macquarie raised their price target on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Piper Sandler assumed coverage on AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price target for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $249.34.

AppLovin Stock Down 0.0 %

AppLovin stock traded down $0.15 during midday trading on Monday, reaching $333.16. The company’s stock had a trading volume of 1,517,487 shares, compared to its average volume of 4,439,945. AppLovin has a 52-week low of $35.79 and a 52-week high of $344.00. The stock has a market capitalization of $111.81 billion, a P/E ratio of 100.96, a PEG ratio of 4.11 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The stock’s 50-day simple moving average is $181.30 and its 200-day simple moving average is $117.71.

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

Insider Activity at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $84.14, for a total value of $12,999,630.00. Following the completion of the transaction, the chief technology officer now owns 4,530,455 shares in the company, valued at $381,192,483.70. This represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Matthew Stumpf sold 21,101 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $332.67, for a total value of $7,019,669.67. Following the completion of the sale, the chief financial officer now directly owns 213,336 shares of the company’s stock, valued at $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 have sold a total of 854,065 shares of company stock valued at $233,072,408 over the last 90 days. 14.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank acquired a new stake in AppLovin in the first quarter valued at $1,193,000. Price T Rowe Associates Inc. MD raised its holdings in AppLovin by 122.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 536,937 shares of the company’s stock valued at $37,168,000 after acquiring an additional 295,251 shares during the last quarter. Mount Yale Investment Advisors LLC purchased a new position in shares of AppLovin during the 1st quarter worth $220,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of AppLovin during the first quarter worth $474,000. Finally, California State Teachers Retirement System lifted its position in AppLovin by 47.7% during the first quarter. California State Teachers Retirement System now owns 241,197 shares of the company’s stock worth $16,696,000 after buying an additional 77,914 shares during the period. Institutional investors and hedge funds 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.