Bank of America Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its target price hoisted by stock analysts at Bank of America from $375.00 to $580.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 52.50% from the company’s current price.

Several other equities analysts have also recently weighed in on APP. JPMorgan Chase & Co. raised their target price on shares of AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Wells Fargo & Company upped their target price on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $80.00 to $280.00 in a research note on Friday, November 8th. Finally, Wedbush restated an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $378.35.

AppLovin Stock Performance

Shares of APP opened at $380.32 on Thursday. The business has a 50-day simple moving average of $347.30 and a two-hundred day simple moving average of $224.62. The stock has a market cap of $127.63 billion, a price-to-earnings ratio of 115.25, a PEG ratio of 3.10 and a beta of 2.30. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin has a 52 week low of $45.12 and a 52 week high of $417.64.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. On average, analysts expect that AppLovin will post 4.09 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, insider Victoria Valenzuela sold 17,925 shares of AppLovin stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the transaction, the insider now directly owns 405,676 shares in the company, valued at approximately $143,670,155.40. This trade represents a 4.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $319.37, for a total value of $189,574,199.56. Following the sale, the chief technology officer now directly owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,991 shares of company stock valued at $267,640,144 in the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Hedge funds and other institutional investors have recently made changes to their positions in the business. GHP Investment Advisors Inc. acquired a new stake in AppLovin in the fourth quarter worth about $25,000. Riverview Trust Co boosted its stake in AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. Tucker Asset Management LLC purchased a new stake in AppLovin during the 4th quarter worth approximately $28,000. Hemington Wealth Management raised its holdings in shares of AppLovin by 78.4% in the fourth quarter. Hemington Wealth Management now owns 91 shares of the company’s stock worth $29,000 after buying an additional 40 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of AppLovin by 172.2% during the fourth quarter. Fifth Third Bancorp now owns 98 shares of the company’s stock worth $32,000 after buying an additional 62 shares during the period. Hedge funds and other institutional investors 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.