Oppenheimer Increases AppLovin (NASDAQ:APP) Price Target to $260.00

AppLovin (NASDAQ:APP) had its price target boosted by equities researchers at Oppenheimer from $180.00 to $260.00 in a report released on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price would indicate a potential upside of 8.21% from the stock’s current price.

Several other equities research analysts have also commented on the company. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday. Macquarie boosted their price target on AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday. Benchmark reaffirmed a “sell” rating and issued a $66.00 target price on shares of AppLovin in a research note on Thursday. Finally, Bank of America upped their target price on AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $170.54.

AppLovin Stock Performance

NASDAQ APP traded up $71.73 on Thursday, hitting $240.28. 16,142,897 shares of the company’s stock were exchanged, compared to its average volume of 4,199,733. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. The firm’s 50-day moving average price is $132.23 and its two-hundred day moving average price is $98.51. AppLovin has a fifty-two week low of $35.79 and a fifty-two week high of $257.43. The firm has a market cap of $80.31 billion, a price-to-earnings ratio of 102.25, a P/E/G ratio of 2.36 and a beta of 1.86.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The firm’s quarterly revenue was up 44.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 EPS. On average, research analysts expect that AppLovin will post 3.47 EPS for the current year.

Insiders Place Their Bets

In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. This trade 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 can be accessed through this link. In other AppLovin news, CMO Katie Kihorany Jansen sold 72,307 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. This trade 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 can be accessed through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares in the company, valued at $900,711.30. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 610,094 shares of company stock valued at $51,022,478 over the last quarter. Insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new position in AppLovin in the third quarter worth approximately $25,000. DT Investment Partners LLC bought a new position in shares of AppLovin during the 3rd quarter worth about $27,000. Raleigh Capital Management Inc. acquired a new stake in shares of AppLovin during the 3rd quarter valued at about $29,000. Quest Partners LLC acquired a new position in AppLovin in the second quarter valued at about $33,000. Finally, Oliver Lagore Vanvalin Investment Group acquired a new position in AppLovin in the second quarter valued at about $34,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.