AppLovin’s (APP) “Outperform” Rating Reiterated at Oppenheimer

AppLovin (NASDAQ:APP)‘s stock had its “outperform” rating restated by research analysts at Oppenheimer in a report released on Tuesday,Benzinga reports. They presently have a $480.00 target price on the stock. Oppenheimer’s price objective points to a potential upside of 43.88% from the company’s previous close.

Several other research firms have also commented on APP. Wedbush reiterated an “outperform” rating and issued a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Piper Sandler assumed coverage on shares of AppLovin in a research report on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price objective on the stock. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $100.00 to $145.00 in a research report on Tuesday, September 17th. Macquarie boosted their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Bank of America boosted their price objective on shares of AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

AppLovin Price Performance

Shares of NASDAQ APP traded down $8.92 during trading on Tuesday, hitting $333.62. 4,567,370 shares of the company were exchanged, compared to its average volume of 4,557,498. The company has a market cap of $111.96 billion, a price-to-earnings ratio of 100.91, a PEG ratio of 4.95 and a beta of 2.27. AppLovin has a 1 year low of $35.79 and a 1 year high of $417.64. The firm’s fifty day moving average price is $230.54 and its 200 day moving average price is $138.34. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.92 by $0.33. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business’s revenue was up 38.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS. On average, sell-side analysts expect that AppLovin will post 4.06 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the completion of the sale, the insider now owns 405,676 shares of the company’s stock, valued at approximately $143,670,155.40. This represents a 4.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Margaret Hasti Georgiadis sold 30,500 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $339.69, for a total transaction of $10,360,545.00. Following the sale, the director now directly owns 154,500 shares of the company’s stock, valued at approximately $52,482,105. This trade represents a 16.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 771,320 shares of company stock valued at $246,205,613 in the last 90 days. 14.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppLovin

A number of institutional investors and hedge funds have recently bought and sold shares of APP. Capital Performance Advisors LLP purchased a new position in AppLovin in the 3rd quarter worth approximately $25,000. DT Investment Partners LLC purchased a new position in shares of AppLovin during the 3rd quarter valued at approximately $27,000. Meeder Asset Management Inc. purchased a new position in shares of AppLovin during the 3rd quarter valued at approximately $27,000. Raleigh Capital Management Inc. purchased a new position in shares of AppLovin during the 3rd quarter valued at approximately $29,000. Finally, Quest Partners LLC purchased a new position in shares of AppLovin during the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors 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.