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

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

APP has been the topic of several other reports. Stifel Nicolaus upped their target price on AppLovin from $185.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research report on Thursday, November 7th. Wedbush reissued 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. Wells Fargo & Company raised their price target on shares of AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $249.34.

AppLovin Stock Performance

APP stock opened at $319.59 on Monday. AppLovin has a one year low of $35.79 and a one year high of $344.77. The firm has a market cap of $107.25 billion, a price-to-earnings ratio of 96.85, a PEG ratio of 4.11 and a beta of 1.86. 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 firm has a 50-day simple moving average of $185.37 and a two-hundred day simple moving average of $119.37.

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

Insiders Place Their Bets

In other news, 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 transaction of $7,019,669.67. Following the completion of the transaction, the chief financial officer now directly owns 213,336 shares of the company’s stock, valued at $70,970,487.12. This represents a 9.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 593,588 shares of AppLovin stock in a transaction on Thursday, November 21st. The shares were 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 directly owns 3,919,024 shares in the company, valued at $1,251,618,694.88. This represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders 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

Several hedge funds have recently modified their holdings of the stock. Second Half Financial Partners LLC purchased a new stake in AppLovin during the 3rd quarter worth approximately $224,000. Eagle Asset Management Inc. increased its position in shares of AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after purchasing an additional 500,407 shares in the last quarter. WCM Investment Management LLC raised its stake in AppLovin by 10.5% in the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock valued at $1,382,307,000 after purchasing an additional 1,029,009 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings 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 purchasing an additional 2,385 shares in the last quarter. Finally, Smithbridge Asset Management Inc. DE acquired a new stake in AppLovin during the 3rd quarter worth $7,086,000. Institutional investors and hedge funds 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.