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

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

Several other equities analysts have also recently issued reports on APP. BTIG Research boosted their target price on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Citigroup upped their price objective on shares of AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Piper Sandler began coverage on AppLovin in a research report on Wednesday, November 20th. They set an “overweight” rating and a $400.00 target price on the stock. Oppenheimer restated an “outperform” rating and issued a $480.00 price target on shares of AppLovin in a research note on Tuesday, December 10th. Finally, The Goldman Sachs Group increased their price target on AppLovin from $220.00 to $335.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Four 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $378.35.

AppLovin Price Performance

NASDAQ:APP opened at $380.32 on Thursday. The firm’s fifty day moving average is $347.30 and its two-hundred day moving average is $224.62. The firm 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 debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin has a one year low of $45.12 and a one year high of $417.64.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. Research analysts expect that AppLovin will post 4.09 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, Director Dawson Alyssa Harvey sold 500 shares of AppLovin stock in a transaction on Friday, December 6th. The stock was sold at an average price of $406.27, for a total value of $203,135.00. Following the completion of the sale, the director now directly owns 6,684 shares of the company’s stock, valued at approximately $2,715,508.68. The trade was a 6.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Herald Y. Chen sold 400 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $366.16, for a total value of $146,464.00. Following the transaction, the chief financial officer now directly owns 207,649 shares in the company, valued at approximately $76,032,757.84. The trade was a 0.19 % 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 over the last 90 days. 14.69% of the stock is owned by insiders.

Institutional Investors Weigh In On AppLovin

A number of hedge funds have recently added to or reduced their stakes in APP. FMR LLC increased its position in shares of AppLovin by 622.8% during the third quarter. FMR LLC now owns 7,893,237 shares of the company’s stock worth $1,030,462,000 after acquiring an additional 6,801,138 shares during the period. SVB Wealth LLC purchased a new stake in AppLovin during the 4th quarter worth about $1,781,922,000. Baillie Gifford & Co. raised its position in AppLovin by 5,421.4% in the 4th quarter. Baillie Gifford & Co. now owns 4,084,496 shares of the company’s stock valued at $1,322,682,000 after purchasing an additional 4,010,520 shares in the last quarter. Norges Bank purchased a new position in shares of AppLovin in the 4th quarter valued at about $828,138,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of AppLovin by 457.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company’s stock worth $936,888,000 after buying an additional 2,373,885 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.