Bank of America Forecasts Strong Price Appreciation for AppLovin (NASDAQ:APP) Stock

AppLovin (NASDAQ:APP) had its price objective boosted by Bank of America from $252.00 to $375.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. Oppenheimer increased their price target on AppLovin from $260.00 to $480.00 and gave the stock an “outperform” rating in a research note on Monday. Piper Sandler initiated coverage on AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price target for the company. JPMorgan Chase & Co. increased their price target on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. One 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $265.57.

AppLovin Stock Performance

APP stock opened at $328.56 on Monday. The firm has a market cap of $110.26 billion, a P/E ratio of 99.56, a P/E/G ratio of 3.94 and a beta of 1.86. The stock’s 50 day simple moving average is $189.49 and its 200 day simple moving average is $121.08. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin has a 12-month low of $35.79 and a 12-month high of $344.77.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm’s revenue was up 38.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 EPS. As a group, equities research analysts predict that AppLovin will post 4.05 EPS for the current year.

Insider Activity

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The stock was 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. This represents a 12.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 154,500 shares of the stock in a transaction dated Friday, September 6th. The stock was 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 directly owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,065 shares of company stock valued at $233,072,408 over the last three months. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several hedge funds have recently bought and sold shares of APP. FMR LLC lifted its stake in AppLovin by 622.8% in the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares in the last quarter. Fred Alger Management LLC purchased a new stake in AppLovin in the 2nd quarter worth about $290,655,000. 1832 Asset Management L.P. lifted its stake in AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after acquiring an additional 1,357,400 shares in the last quarter. WCM Investment Management LLC raised its stake 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 purchasing an additional 1,029,009 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of AppLovin by 31.3% during the 3rd quarter. Janus Henderson Group PLC now owns 2,350,802 shares of the company’s stock valued at $306,897,000 after buying an additional 560,560 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other 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.