Bank of America Increases AppLovin (NASDAQ:APP) Price Target to $120.00

AppLovin (NASDAQ:APP) had its price objective boosted by investment analysts at Bank of America from $100.00 to $120.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 13.63% from the stock’s previous close.

A number of other brokerages have also weighed in on APP. Benchmark upped their target price on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research report on Friday, August 23rd. Wedbush lowered their price objective on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group lifted their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Oppenheimer restated an “outperform” rating and issued a $105.00 target price (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.94.

AppLovin Stock Up 8.2 %

Shares of NASDAQ APP opened at $105.61 on Wednesday. AppLovin has a 12-month low of $34.45 and a 12-month high of $106.45. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The firm has a market cap of $34.75 billion, a PE ratio of 62.86, a P/E/G ratio of 1.22 and a beta of 1.88. The company’s fifty day simple moving average is $83.57 and its 200 day simple moving average is $77.74.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the business posted $0.22 EPS. The firm’s revenue for the quarter was up 44.0% compared to the same quarter last year. As a group, sell-side analysts forecast that AppLovin will post 3.48 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Eduardo Vivas sold 118,839 shares of AppLovin stock in a transaction on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the sale, the director now directly owns 7,641,531 shares in the company, valued at $693,468,938.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now directly owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eduardo Vivas sold 118,839 shares of AppLovin stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the completion of the sale, the director now directly owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The disclosure for this sale can be found here. Insiders sold a total of 775,934 shares of company stock valued at $65,805,022 over the last three months. Corporate insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several institutional investors and hedge funds have recently bought and sold shares of APP. American Trust increased its stake in shares of AppLovin by 2.8% in the first quarter. American Trust now owns 5,550 shares of the company’s stock worth $384,000 after purchasing an additional 150 shares in the last quarter. Highland Capital Management LLC boosted its holdings in AppLovin by 0.5% in the 1st quarter. Highland Capital Management LLC now owns 28,120 shares of the company’s stock worth $1,946,000 after buying an additional 153 shares during the period. GAMMA Investing LLC grew its stake in AppLovin by 13.6% in the 1st quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock valued at $89,000 after buying an additional 154 shares in the last quarter. Cullen Frost Bankers Inc. raised its holdings in AppLovin by 10.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 2,205 shares of the company’s stock valued at $184,000 after acquiring an additional 205 shares during the period. Finally, Signaturefd LLC lifted its position in shares of AppLovin by 9.5% during the second quarter. Signaturefd LLC now owns 2,489 shares of the company’s stock worth $207,000 after acquiring an additional 215 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.