Oppenheimer Reaffirms Outperform Rating for AppLovin (NASDAQ:APP)

Oppenheimer reissued their outperform rating on shares of AppLovin (NASDAQ:APP) in a report released on Thursday morning, Benzinga reports. The firm currently has a $97.00 price target on the stock.

A number of other research firms also recently weighed in on APP. BTIG Research increased their price target on AppLovin from $87.00 to $100.00 and gave the company a buy rating in a research note on Thursday, May 9th. Jefferies Financial Group increased their price objective on shares of AppLovin from $93.00 to $105.00 and gave the stock a buy rating in a research note on Thursday, May 9th. The Goldman Sachs Group increased their price objective on shares of AppLovin from $73.00 to $100.00 and gave the stock a buy rating in a research note on Thursday, May 9th. UBS Group increased their price objective on shares of AppLovin from $46.00 to $55.00 and gave the stock a neutral rating in a research note on Thursday, February 15th. Finally, Needham & Company LLC restated a hold rating on shares of AppLovin in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $71.72.

AppLovin Stock Up 2.5 %

Shares of APP opened at $77.52 on Thursday. The company has a market capitalization of $25.50 billion, a P/E ratio of 46.14, a PEG ratio of 1.28 and a beta of 1.88. The company has a debt-to-equity ratio of 4.59, a current ratio of 2.11 and a quick ratio of 2.11. AppLovin has a one year low of $22.11 and a one year high of $88.50. The business’s 50 day simple moving average is $77.80 and its 200-day simple moving average is $60.10.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 8th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $973.70 million. During the same period in the previous year, the business earned ($0.01) EPS. AppLovin’s revenue was up 47.9% compared to the same quarter last year. As a group, sell-side analysts predict that AppLovin will post 2.96 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other news, insider Victoria Valenzuela sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the transaction, the insider now directly owns 471,560 shares of the company’s stock, valued at $35,371,715.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $75.01, for a total value of $3,750,500.00. Following the transaction, the insider now directly owns 471,560 shares of the company’s stock, valued at $35,371,715.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Craig Scott Billings sold 5,620 shares of AppLovin stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $84.97, for a total transaction of $477,531.40. Following the completion of the transaction, the director now directly owns 1,780 shares in the company, valued at $151,246.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,726,239 shares of company stock valued at $1,477,034,958. 14.69% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in APP. WCM Investment Management LLC bought a new position in AppLovin in the first quarter valued at approximately $497,488,000. Sapient Capital LLC bought a new stake in shares of AppLovin during the fourth quarter worth $165,057,000. Whale Rock Capital Management LLC bought a new stake in shares of AppLovin during the first quarter worth $195,129,000. Jericho Capital Asset Management L.P. grew its stake in shares of 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. Finally, Vanguard Group Inc. grew its stake in shares of AppLovin by 8.5% during the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock worth $723,245,000 after buying an additional 1,411,453 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

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.