Oppenheimer Boosts AppLovin (NASDAQ:APP) Price Target to $85.00

AppLovin (NASDAQ:APP - Get Free Report) had its price target upped by equities researchers at Oppenheimer from $70.00 to $85.00 in a report issued on Monday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's price target indicates a potential upside of 8.90% from the stock's current price.

A number of other analysts have also recently issued reports on APP. Wedbush raised their target price on shares of AppLovin from $58.50 to $67.00 and gave the stock an "outperform" rating in a research note on Thursday, February 15th. The Goldman Sachs Group raised their target price on shares of AppLovin from $59.00 to $73.00 and gave the company a "buy" rating in a report on Thursday, February 15th. UBS Group raised their target price on shares of AppLovin from $46.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, February 15th. TheStreet raised shares of AppLovin from a "d+" rating to a "c-" rating in a report on Friday, March 8th. Finally, HSBC started coverage on shares of AppLovin in a report on Monday, December 18th. They set a "buy" rating and a $53.20 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, AppLovin presently has an average rating of "Moderate Buy" and an average target price of $52.54.

AppLovin Stock Up 4.4 %

AppLovin stock traded up $3.25 during mid-day trading on Monday, reaching $78.05. The company's stock had a trading volume of 3,904,075 shares, compared to its average volume of 4,248,132. The company has a market capitalization of $26.69 billion, a price-to-earnings ratio of 78.05, a price-to-earnings-growth ratio of 1.51 and a beta of 1.90. AppLovin has a 12 month low of $15.26 and a 12 month high of $78.29. The business's 50 day simple moving average is $60.17 and its 200 day simple moving average is $46.91. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.71 and a current ratio of 1.71.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.14. The business had revenue of $953.26 million during the quarter, compared to the consensus estimate of $928.66 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm's revenue for the quarter was up 35.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.21) earnings per share. As a group, research analysts anticipate that AppLovin will post 2.48 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other news, Director Craig Scott Billings sold 5,550 shares of the company's stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total value of $323,731.50. Following the completion of the sale, the director now owns 12,739 shares in the company, valued at approximately $743,065.87. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Craig Scott Billings sold 5,550 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the transaction, the director now owns 12,739 shares in the company, valued at $743,065.87. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Victoria Valenzuela sold 50,000 shares of the stock in a transaction dated 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 owns 471,560 shares of the company's stock, valued at approximately $35,371,715.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,215 shares of company stock worth $4,416,815. 12.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

Several institutional investors have recently added to or reduced their stakes in APP. FinTrust Capital Advisors LLC bought a new position in shares of AppLovin in the fourth quarter worth approximately $32,000. BluePath Capital Management LLC bought a new position in AppLovin during the third quarter valued at approximately $33,000. Tower Research Capital LLC TRC grew its position in AppLovin by 86.1% during the third quarter. Tower Research Capital LLC TRC now owns 927 shares of the company's stock valued at $37,000 after acquiring an additional 429 shares during the last quarter. Castleview Partners LLC bought a new position in AppLovin during the third quarter valued at approximately $38,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of AppLovin by 99.0% in the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company's stock worth $54,000 after purchasing an additional 488 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other 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.