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

AppLovin (NASDAQ:APP) had its price target raised by equities research analysts at Bank of America from $252.00 to $375.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 13.72% from the stock’s previous close.

Several other research analysts have also recently commented on the stock. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Stifel Nicolaus increased their price objective on AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their target price on AppLovin from $250.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Citigroup increased their price target on AppLovin from $185.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, Macquarie raised their price target on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating 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 given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $265.57.

AppLovin Trading Up 3.2 %

NASDAQ:APP opened at $329.77 on Monday. The firm has a market capitalization of $110.67 billion, a P/E ratio of 99.93, a P/E/G ratio of 4.11 and a beta of 1.86. The business has a 50 day simple moving average of $185.37 and a 200 day simple moving average of $119.37. 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 has a 12-month low of $35.79 and a 12-month high of $344.77.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.33. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 earnings per share. Equities research analysts predict that AppLovin will post 4.05 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 593,588 shares of AppLovin stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the completion of the sale, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This trade represents a 13.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The trade was a 12.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 854,065 shares of company stock worth $233,072,408. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in APP. Second Half Financial Partners LLC bought a new position in AppLovin during the third quarter worth about $224,000. Eagle Asset Management Inc. raised its holdings in shares of AppLovin by 2,200.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after buying an additional 500,407 shares in the last quarter. WCM Investment Management LLC lifted its position in shares of 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 buying an additional 1,029,009 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in AppLovin by 10.0% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company’s stock valued at $3,440,000 after buying an additional 2,385 shares in the last quarter. Finally, Smithbridge Asset Management Inc. DE bought a new stake in AppLovin in the third quarter valued at $7,086,000. Institutional investors and hedge funds 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.