AppLovin (NASDAQ:APP) Price Target Raised to $375.00

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

Several other research analysts also recently issued reports on the company. Wells Fargo & Company lifted their price target on AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. BTIG Research lifted their price target on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Loop Capital lifted their price target on AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and boosted their target price for the company from $103.00 to $150.00 in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $265.57.

AppLovin Price Performance

AppLovin stock opened at $328.56 on Monday. AppLovin has a one year low of $35.79 and a one year high of $344.77. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The business has a fifty day moving average of $189.49 and a two-hundred day moving average of $121.08. The company has a market cap of $110.26 billion, a P/E ratio of 99.56, a price-to-earnings-growth 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.33. The business 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 business’s revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 EPS. As a group, analysts predict that AppLovin will post 4.05 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In related news, 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 transaction, the chief financial officer now directly owns 213,336 shares of the company’s stock, valued at approximately $70,970,487.12. The trade was a 9.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 154,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 4,530,455 shares in the company, valued at approximately $381,192,483.70. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 854,065 shares of company stock worth $233,072,408. 14.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

Institutional investors have recently made changes to their positions in the business. Capital Performance Advisors LLP acquired a new position in shares of AppLovin in the 3rd quarter valued at approximately $25,000. DT Investment Partners LLC acquired a new stake in shares of AppLovin during the 3rd quarter valued at approximately $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin during the 3rd quarter valued at approximately $27,000. Raleigh Capital Management Inc. acquired a new stake in shares of AppLovin during the 3rd quarter valued at approximately $29,000. Finally, Quest Partners LLC acquired a new stake in shares of AppLovin during the 2nd quarter valued at approximately $33,000. 41.85% of the stock is owned by institutional investors and hedge funds.

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.