AppLovin (NASDAQ:APP) Price Target Increased to $120.00 by Analysts at Bank of America

AppLovin (NASDAQ:APP) had its price objective lifted by investment analysts at Bank of America from $100.00 to $120.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 39.16% from the company’s current price.

APP has been the topic of a number of other reports. Jefferies Financial Group boosted their price target on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday. Benchmark boosted 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 cut their target price on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Oppenheimer restated an “outperform” rating and issued a $105.00 price target (up from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $87.94.

AppLovin Stock Down 0.1 %

AppLovin stock opened at $86.23 on Wednesday. The stock has a market capitalization of $28.37 billion, a price-to-earnings ratio of 51.33, a PEG ratio of 1.22 and a beta of 1.88. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. The stock has a 50 day moving average of $82.98 and a two-hundred day moving average of $77.41. AppLovin has a twelve month low of $34.45 and a twelve month high of $93.70.

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

Insider Buying and Selling at AppLovin

In related news, CTO Vasily Shikin sold 5,500 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $86.04, for a total value of $473,220.00. Following the sale, the chief technology officer now directly owns 4,536,447 shares of the company’s stock, valued at approximately $390,315,899.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total value of $4,826,772.45. Following the completion of the transaction, the chief financial officer now directly owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Vasily Shikin sold 5,500 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $86.04, for a total value of $473,220.00. Following the completion of the sale, the chief technology officer now owns 4,536,447 shares in the company, valued at $390,315,899.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 790,081 shares of company stock valued at $66,857,545. Insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC purchased a new position in shares of AppLovin during the 4th quarter worth $32,000. Quest Partners LLC purchased a new stake in shares of AppLovin in the second quarter valued at $33,000. Oliver Lagore Vanvalin Investment Group acquired a new position in AppLovin in the second quarter valued at $34,000. Covestor Ltd lifted its position in AppLovin by 85.8% during the first quarter. Covestor Ltd now owns 511 shares of the company’s stock worth $35,000 after buying an additional 236 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in AppLovin in the 2nd quarter worth about $37,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

About AppLovin

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.