Bank of America Raises AppLovin (NASDAQ:APP) Price Target to $120.00

AppLovin (NASDAQ:APP) had its target price increased by analysts at Bank of America from $100.00 to $120.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 13.63% from the company’s previous close.

Several other research analysts have also commented on the company. Jefferies Financial Group boosted their price objective on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday. Wedbush dropped their target price on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Oppenheimer reissued an “outperform” rating and issued a $105.00 price target (up previously from $97.00) on shares of AppLovin in a report on Thursday, August 8th. Finally, Benchmark lifted their price objective on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $87.94.

AppLovin Stock Performance

AppLovin stock opened at $105.61 on Wednesday. The firm’s 50 day simple moving average is $83.57 and its 200 day simple moving average is $77.74. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin has a 1-year low of $34.45 and a 1-year high of $106.45. The firm has a market capitalization of $34.75 billion, a PE ratio of 62.86, a price-to-earnings-growth ratio of 1.22 and a beta of 1.88.

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

Insider Activity

In related news, CFO Matthew Stumpf sold 60,615 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the completion of the sale, the chief financial officer now directly owns 254,458 shares in the company, valued at approximately $20,262,490.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other AppLovin news, insider Victoria Valenzuela sold 47,001 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the sale, the insider now owns 390,615 shares of the company’s stock, valued at approximately $33,225,711.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Matthew Stumpf sold 60,615 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the transaction, the chief financial officer now directly owns 254,458 shares of the company’s stock, valued at $20,262,490.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 775,934 shares of company stock valued at $65,805,022. 14.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. WCM Investment Management LLC bought a new stake in AppLovin in the first quarter valued at $497,488,000. Fred Alger Management LLC bought a new stake in shares of AppLovin during the 2nd quarter valued at about $290,655,000. Whale Rock Capital Management LLC purchased a new position in shares of AppLovin during the first quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. raised its stake in AppLovin by 185.0% in the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in AppLovin by 977.2% in the second quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock worth $124,522,000 after buying an additional 1,357,400 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.