AppLovin (NASDAQ:APP) Given New $375.00 Price Target at Bank of America

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

A number of other research firms also recently weighed in on APP. JPMorgan Chase & Co. raised their price target on shares of AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Oppenheimer upped their price target on AppLovin from $260.00 to $480.00 and gave the company an “outperform” rating in a research report on Monday. Piper Sandler initiated coverage on shares of AppLovin in a research note on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price for the company. Macquarie raised their target price on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Benchmark reissued a “sell” rating and issued a $66.00 price target on shares of AppLovin in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $265.57.

AppLovin Stock Down 0.4 %

Shares of NASDAQ:APP opened at $328.56 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. AppLovin has a 1 year low of $35.79 and a 1 year high of $344.77. The stock has a 50-day simple moving average of $193.60 and a 200-day simple moving average of $122.53. The stock has a market capitalization of $110.26 billion, a P/E ratio of 99.56, a PEG ratio of 3.94 and a beta of 1.86.

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

Insider Transactions at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $84.14, for a total value of $12,999,630.00. Following the completion of the sale, the chief technology officer now owns 4,530,455 shares in the company, valued at approximately $381,192,483.70. This trade represents a 3.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew Stumpf sold 21,101 shares of the business’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 owns 213,336 shares of the company’s stock, 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. In the last ninety days, insiders sold 854,065 shares of company stock valued at $233,072,408. Corporate insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. lifted its stake in AppLovin by 37.0% in the third quarter. Franklin Resources Inc. now owns 996,996 shares of the company’s stock valued at $130,158,000 after buying an additional 269,134 shares in the last quarter. Castellan Group bought a new position in AppLovin in the third quarter valued at $8,799,000. Optimist Retirement Group LLC bought a new stake in AppLovin during the 3rd quarter worth about $284,000. Wilmington Savings Fund Society FSB acquired a new position in shares of AppLovin during the 3rd quarter worth about $833,000. Finally, Sanctuary Advisors LLC grew its holdings in shares of AppLovin by 341.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 12,789 shares of the company’s stock valued at $1,670,000 after acquiring an additional 9,891 shares in the last quarter. 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.