AppLovin (NASDAQ:APP) PT Raised to $120.00

AppLovin (NASDAQ:APP) had its price objective hoisted by Bank of America from $100.00 to $120.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 39.16% from the company’s current price.

APP has been the subject of several other research reports. Benchmark raised their target price on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. Wedbush cut their price objective on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Jefferies Financial Group boosted their price objective on shares of AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus target price of $87.94.

AppLovin Stock Down 0.1 %

NASDAQ APP opened at $86.23 on Wednesday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. AppLovin has a 52 week low of $34.45 and a 52 week high of $93.70. The business’s fifty day simple moving average is $82.98 and its 200-day simple moving average is $77.41. The firm has a market cap of $28.37 billion, a PE ratio of 51.33, a P/E/G ratio of 1.22 and a beta of 1.88.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.12. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. AppLovin’s revenue was up 44.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.22 EPS. As a group, equities analysts anticipate that AppLovin will post 3.48 earnings per share for the current year.

Insider Transactions at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $86.35, for a total value of $19,791,420.00. Following the sale, the director now owns 7,412,475 shares of the company’s stock, valued at approximately $640,067,216.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Eduardo Vivas sold 229,200 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $86.35, for a total value of $19,791,420.00. Following the sale, the director now directly owns 7,412,475 shares in the company, valued at approximately $640,067,216.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 154,500 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the transaction, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 790,081 shares of company stock valued at $66,857,545. 14.69% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of APP. Quest Partners LLC acquired a new stake in shares of AppLovin in the 2nd quarter valued at about $33,000. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of AppLovin in the second quarter valued at approximately $34,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of AppLovin during the second quarter worth approximately $37,000. Summit Securities Group LLC acquired a new position in shares of AppLovin in the 2nd quarter valued at $42,000. Finally, Covestor Ltd increased its holdings in shares of AppLovin by 85.8% in the 1st quarter. Covestor Ltd now owns 511 shares of the company’s stock valued at $35,000 after acquiring an additional 236 shares during the period. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.