AppLovin (NASDAQ:APP) Stock Price Expected to Rise, Bank of America Analyst Says

AppLovin (NASDAQ:APP) had its price objective raised by Bank of America from $252.00 to $375.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on APP. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and increased their price target for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Jefferies Financial Group raised their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Citigroup upped their price target on shares of AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Wedbush restated an “outperform” rating and set a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Finally, Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the company from $80.00 to $280.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.57.

AppLovin Stock Performance

Shares of APP opened at $328.56 on Monday. The company has a market cap of $110.26 billion, a PE ratio of 99.56, a price-to-earnings-growth ratio of 3.94 and a beta of 1.86. The firm has a 50-day moving average of $193.60 and a 200-day moving average of $122.53. AppLovin has a one year low of $35.79 and a one year high of $344.77. 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. AppLovin’s quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. As a group, equities analysts forecast that AppLovin will post 4.05 earnings per share for the current year.

Insider Buying and Selling

In other AppLovin news, Director Craig Scott Billings sold 18,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was 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 owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. The trade was a 85.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Vasily Shikin sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $86.04, for a total transaction of $473,220.00. Following the completion of the sale, the chief technology officer now owns 4,536,447 shares in the company, valued at approximately $390,315,899.88. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 854,065 shares of company stock worth $233,072,408. Corporate insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in AppLovin in the third quarter valued at about $25,000. DT Investment Partners LLC acquired a new position in shares of AppLovin in the third quarter valued at approximately $27,000. Meeder Asset Management Inc. bought a new position in AppLovin in the 3rd quarter valued at approximately $27,000. Raleigh Capital Management Inc. acquired a new stake in AppLovin during the 3rd quarter worth approximately $29,000. Finally, Quest Partners LLC bought a new stake in AppLovin during the 2nd quarter worth approximately $33,000. 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.