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

AppLovin (NASDAQ:APP) had its price target lifted by Bank of America from $252.00 to $375.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 12.56% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on APP. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and increased their price target for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $103.00 to $150.00 in a report on Monday, October 14th. Jefferies Financial Group increased their target price on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Loop Capital lifted their price target on shares of AppLovin from $181.00 to $385.00 and gave the company a “buy” rating in a research report on Monday, November 11th. One investment 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $249.34.

AppLovin Trading Down 0.0 %

NASDAQ APP traded down $0.15 during trading hours on Monday, hitting $333.16. 1,517,487 shares of the company’s stock were exchanged, compared to its average volume of 4,439,945. AppLovin has a 1-year low of $35.79 and a 1-year high of $344.00. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a 50-day simple moving average of $181.30 and a 200 day simple moving average of $117.71. The firm has a market cap of $111.81 billion, a price-to-earnings ratio of 100.96, a PEG ratio of 4.11 and a beta of 1.86.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping 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 quarterly revenue was up 38.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. On average, equities analysts forecast that AppLovin will post 4.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Craig Scott Billings sold 18,000 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $318.94, for a total value of $5,740,920.00. Following the completion of the transaction, the director now directly owns 2,987 shares of the company’s stock, valued at $952,673.78. This represents a 85.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew Stumpf sold 21,101 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $332.67, for a total value of $7,019,669.67. Following the transaction, the chief financial officer now owns 213,336 shares in the company, valued at $70,970,487.12. This trade represents a 9.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,065 shares of company stock valued at $233,072,408 over the last quarter. 14.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in shares of AppLovin during the third quarter valued at approximately $25,000. Meeder Asset Management Inc. bought a new stake in shares of AppLovin in the 3rd quarter worth $27,000. DT Investment Partners LLC bought a new position in shares of AppLovin during the third quarter valued at $27,000. Raleigh Capital Management Inc. purchased a new stake in shares of AppLovin during the third quarter valued at $29,000. Finally, HM Payson & Co. increased its holdings in AppLovin by 50.0% in the 3rd quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after buying an additional 100 shares in the last quarter. 41.85% of the stock is owned by 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.