AppLovin (NASDAQ:APP - Get Free Report) had its price target upped by Oppenheimer from $105.00 to $180.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's target price indicates a potential upside of 13.24% from the stock's previous close.
A number of other equities research analysts have also recently weighed in on the stock. Jefferies Financial Group lifted their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a "buy" rating in a research note on Tuesday, September 10th. Macquarie restated an "outperform" rating and set a $150.00 price target (up from $115.00) on shares of AppLovin in a research report on Wednesday, September 25th. Citigroup increased their price objective on shares of AppLovin from $155.00 to $185.00 and gave the company a "buy" rating in a report on Tuesday. The Goldman Sachs Group cut AppLovin from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $103.00 to $150.00 in a report on Monday, October 14th. Finally, BTIG Research increased their price target on AppLovin from $114.00 to $150.00 and gave the company a "buy" rating in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $124.14.
View Our Latest Stock Analysis on APP
Shares of APP opened at $158.95 on Wednesday. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. AppLovin has a 1 year low of $34.45 and a 1 year high of $163.08. The firm has a fifty day moving average of $113.67 and a 200-day moving average of $91.00. The company has a market cap of $52.30 billion, a price-to-earnings ratio of 94.61, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92.
AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. AppLovin's revenue was up 44.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.22 earnings per share. As a group, equities analysts anticipate that AppLovin will post 3.46 earnings per share for the current year.
In other news, insider Victoria Valenzuela sold 14,166 shares of the firm's stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the sale, the insider now owns 352,616 shares of the company's stock, valued at $31,728,387.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the completion of the sale, the chief financial officer now directly owns 254,458 shares in the company, valued at approximately $20,262,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 14,166 shares of the business's stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the completion of the transaction, the insider now owns 352,616 shares in the company, valued at $31,728,387.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 610,094 shares of company stock worth $51,022,478. Corporate insiders own 14.69% of the company's stock.
Several institutional investors have recently made changes to their positions in APP. Fred Alger Management LLC bought a new position in AppLovin during the second quarter valued at approximately $290,655,000. Whale Rock Capital Management LLC bought a new stake in AppLovin in the first quarter worth $195,129,000. Jericho Capital Asset Management L.P. increased its position in AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company's stock worth $269,305,000 after buying an additional 2,525,240 shares during the last quarter. 1832 Asset Management L.P. raised its holdings in AppLovin by 977.2% during the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company's stock valued at $124,522,000 after buying an additional 1,357,400 shares in the last quarter. Finally, Jackson Square Partners LLC acquired a new stake in shares of AppLovin in the first quarter worth about $54,736,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider AppLovin, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AppLovin wasn't on the list.
While AppLovin currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.