AppLovin (NASDAQ:APP) Price Target Raised to $375.00 at Bank of America

AppLovin (NASDAQ:APP) had its target price lifted by Bank of America from $252.00 to $375.00 in a report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

APP has been the subject of a number of other research reports. Wedbush restated an “outperform” rating and set a $270.00 target price (up previously from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Loop Capital increased their price objective on shares of AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a report on Monday, November 11th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $80.00 to $280.00 in a report on Friday, November 8th. Citigroup increased their price target on AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $249.34.

AppLovin Trading Down 4.1 %

Shares of APP stock opened at $319.59 on Monday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The stock has a fifty day simple moving average of $185.37 and a two-hundred day simple moving average of $119.37. The firm has a market capitalization of $107.25 billion, a PE ratio of 96.85, a PEG ratio of 4.11 and a beta of 1.86. AppLovin has a 52-week low of $35.79 and a 52-week high of $344.77.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the business posted $0.30 earnings per share. The firm’s revenue was up 38.6% on a year-over-year basis. On average, analysts predict that AppLovin will post 4.05 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the completion of the sale, the chief technology officer now directly owns 4,530,455 shares in the company, valued at approximately $381,192,483.70. This trade represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig Scott Billings sold 18,000 shares of the company’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 in the company, valued at approximately $952,673.78. The trade was a 85.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,065 shares of company stock worth $233,072,408 over the last 90 days. Company insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Large investors have recently modified their holdings of the company. Second Half Financial Partners LLC purchased a new stake in shares of AppLovin in the 3rd quarter worth $224,000. Eagle Asset Management Inc. lifted its stake in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the period. WCM Investment Management LLC grew its holdings in AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in AppLovin by 10.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company’s stock valued at $3,440,000 after purchasing an additional 2,385 shares during the period. Finally, Smithbridge Asset Management Inc. DE bought a new stake in shares of AppLovin in the 3rd quarter valued at about $7,086,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

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.