AppLovin (NASDAQ:APP) Earns “Outperform” Rating from Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of AppLovin (NASDAQ:APP) in a research report released on Thursday, Benzinga reports. Oppenheimer currently has a $105.00 price objective on the stock, up from their previous price objective of $97.00.

Several other research analysts have also commented on APP. The Goldman Sachs Group boosted their price objective on AppLovin from $73.00 to $100.00 and gave the stock a buy rating in a report on Thursday, May 9th. Morgan Stanley raised their price target on AppLovin from $55.00 to $70.00 and gave the stock an equal weight rating in a research report on Tuesday, April 16th. Daiwa Capital Markets initiated coverage on shares of AppLovin in a report on Monday, April 15th. They set a neutral rating and a $80.00 target price for the company. BTIG Research lifted their price target on shares of AppLovin from $87.00 to $100.00 and gave the company a buy rating in a report on Thursday, May 9th. Finally, Wedbush restated an outperform rating and issued a $100.00 price objective on shares of AppLovin in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $71.60.

AppLovin Stock Performance

Shares of AppLovin stock traded up $0.65 on Thursday, reaching $77.38. 4,906,788 shares of the company traded hands, compared to its average volume of 4,142,467. The company has a debt-to-equity ratio of 4.59, a current ratio of 2.11 and a quick ratio of 2.11. The company has a 50 day moving average of $80.08 and a 200 day moving average of $70.89. AppLovin has a 52 week low of $33.17 and a 52 week high of $91.91. The firm has a market capitalization of $25.46 billion, a PE ratio of 45.67, a PEG ratio of 1.27 and a beta of 1.86.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. AppLovin had a return on equity of 51.55% and a net margin of 16.46%. The firm’s quarterly revenue was up 44.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.22 EPS. Equities analysts forecast that AppLovin will post 2.96 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In related news, CMO Katie Kihorany Jansen sold 12,755 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $79.01, for a total transaction of $1,007,772.55. Following the sale, the chief marketing officer now directly owns 1,236,703 shares of the company’s stock, valued at approximately $97,711,904.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Eduardo Vivas sold 118,839 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the transaction, the director now directly owns 7,641,531 shares of the company’s stock, valued at $693,468,938.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 12,755 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $79.01, for a total value of $1,007,772.55. Following the sale, the chief marketing officer now directly owns 1,236,703 shares in the company, valued at $97,711,904.03. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,709,742 shares of company stock worth $1,477,073,771. 14.69% of the stock is owned by insiders.

Hedge Funds Weigh In On AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP lifted its holdings in shares of AppLovin by 211.3% during the 2nd quarter. Quantbot Technologies LP now owns 36,526 shares of the company’s stock valued at $3,040,000 after buying an additional 24,791 shares during the period. Dimensional Fund Advisors LP increased its position in AppLovin by 27.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,494,516 shares of the company’s stock valued at $124,372,000 after acquiring an additional 322,563 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in AppLovin by 3.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 186,395 shares of the company’s stock valued at $15,512,000 after acquiring an additional 5,483 shares during the last quarter. Plato Investment Management Ltd lifted its holdings in AppLovin by 9.4% in the second quarter. Plato Investment Management Ltd now owns 26,266 shares of the company’s stock valued at $2,186,000 after acquiring an additional 2,256 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in AppLovin by 695.0% in the second quarter. Envestnet Asset Management Inc. now owns 549,453 shares of the company’s stock worth $45,725,000 after purchasing an additional 480,336 shares during the last quarter. 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.