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

AppLovin (NASDAQ:APP) had its price target increased by equities research analysts at Bank of America from $375.00 to $580.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 13.70% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. BTIG Research increased their price objective on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $200.00 to $325.00 and gave the company a “neutral” rating in a research report on Friday, January 10th. Loop Capital increased their price objective on shares of AppLovin from $385.00 to $450.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Benchmark assumed coverage on shares of AppLovin in a research report on Friday, January 10th. They set a “buy” rating and a $375.00 price objective for the company. Finally, Piper Sandler assumed coverage on shares of AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $422.18.

AppLovin Stock Performance

APP opened at $510.13 on Thursday. The stock has a market capitalization of $171.19 billion, a price-to-earnings ratio of 154.59, a PEG ratio of 3.10 and a beta of 2.30. The company has a fifty day moving average of $351.33 and a 200 day moving average of $229.34. AppLovin has a fifty-two week low of $52.75 and a fifty-two week high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share 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%. As a group, sell-side analysts forecast that AppLovin will post 4.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 15,971 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $313.07, for a total value of $5,000,040.97. Following the transaction, the insider now owns 372,205 shares of the company’s stock, valued at $116,526,219.35. This trade represents a 4.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the transaction, the director now directly owns 2,987 shares in the company, valued at $952,673.78. This represents a 85.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 828,991 shares of company stock valued at $267,640,144 in the last 90 days. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in AppLovin during the 3rd quarter valued at about $25,000. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin in the 4th quarter worth approximately $25,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin in the 4th quarter worth approximately $25,000. DT Investment Partners LLC purchased a new position in shares of AppLovin in the 3rd quarter worth approximately $27,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of AppLovin in the 3rd quarter worth approximately $27,000. 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.