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

AppLovin (NASDAQ:APP)‘s stock had its “outperform” rating restated by stock analysts at Oppenheimer in a research note issued to investors on Thursday,Benzinga reports. They presently have a $560.00 target price on the stock, up from their prior target price of $480.00. Oppenheimer’s target price points to a potential upside of 16.27% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of AppLovin from $250.00 to $435.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. BTIG Research raised their target price on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Macquarie increased their price objective on shares of AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Thursday. Finally, Benchmark increased their price objective on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $422.18.

AppLovin Price Performance

APP traded up $101.33 during midday trading on Thursday, reaching $481.65. 10,258,343 shares of the company’s stock were exchanged, compared to its average volume of 4,431,661. The business’s 50-day moving average price is $347.30 and its 200 day moving average price is $224.62. AppLovin has a 1-year low of $45.59 and a 1-year high of $525.15. The stock has a market capitalization of $161.64 billion, a PE ratio of 145.95, a P/E/G ratio of 3.10 and a beta of 2.30. 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 released its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. As a group, equities analysts anticipate that AppLovin will post 4.09 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the transaction, the director now directly owns 2,987 shares of the company’s stock, valued at $952,673.78. This trade represents a 85.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the sale, the chief executive officer now owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 828,991 shares of company stock valued at $267,640,144 in the last 90 days. 14.69% of the stock is currently owned by company insiders.

Institutional Trading of AppLovin

Large investors have recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of AppLovin by 622.8% in the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after buying an additional 6,801,138 shares during the last quarter. SVB Wealth LLC bought a new position in shares of AppLovin in the fourth quarter valued at about $1,781,922,000. Baillie Gifford & Co. lifted its stake in shares of AppLovin by 5,421.4% during the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock worth $1,322,682,000 after buying an additional 4,010,520 shares during the last quarter. Norges Bank bought a new stake in shares of AppLovin during the 4th quarter worth about $828,138,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in AppLovin by 457.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock valued at $936,888,000 after buying an additional 2,373,885 shares in the last quarter. 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.