AppLovin (NYSE:APP) PT Raised to $57.00 at Bank of America

AppLovin (NYSE:APP) had its target price hoisted by equities researchers at Bank of America from $41.00 to $57.00 in a note issued to investors on Thursday, MarketBeat.com reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 33.12% from the company’s previous close.

A number of other research firms also recently commented on APP. Benchmark raised their target price on shares of AppLovin from $14.00 to $17.00 and gave the company a “sell” rating in a research report on Tuesday, August 8th. Wedbush raised their price target on shares of AppLovin from $37.00 to $48.00 and gave the company an “outperform” rating in a report on Thursday, August 10th. Jefferies Financial Group upgraded shares of AppLovin from a “hold” rating to a “buy” rating and raised their price target for the company from $20.00 to $50.00 in a report on Tuesday, August 22nd. Citigroup raised their price target on shares of AppLovin from $32.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 16th. Finally, Credit Suisse Group raised their price target on shares of AppLovin from $49.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.88.

AppLovin Trading Up 0.5 %

NYSE APP opened at $42.82 on Thursday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 2.87 and a current ratio of 2.87. The company has a market capitalization of $14.89 billion, a price-to-earnings ratio of 713.67, a price-to-earnings-growth ratio of 2.64 and a beta of 1.82. The company’s 50-day simple moving average is $35.57 and its two-hundred day simple moving average is $24.88. AppLovin has a one year low of $9.14 and a one year high of $43.76.

AppLovin (NYSE:APP) last posted its earnings results on Wednesday, August 9th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.14. The business had revenue of $750.17 million for the quarter, compared to the consensus estimate of $724.41 million. AppLovin had a net margin of 0.70% and a return on equity of 5.51%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) EPS. Equities analysts forecast that AppLovin will post 0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other AppLovin news, Director Eduardo Vivas sold 474,357 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $41.76, for a total transaction of $19,809,148.32. Following the completion of the transaction, the director now directly owns 9,078,178 shares of the company’s stock, valued at approximately $379,104,713.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other AppLovin news, CMO Katie Kihorany Jansen sold 52,193 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $39.88, for a total transaction of $2,081,456.84. Following the completion of the transaction, the chief marketing officer now directly owns 1,334,208 shares of the company’s stock, valued at approximately $53,208,215.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eduardo Vivas sold 474,357 shares of AppLovin stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $41.76, for a total transaction of $19,809,148.32. Following the transaction, the director now directly owns 9,078,178 shares of the company’s stock, valued at $379,104,713.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,610,250 shares of company stock valued at $947,717,590. 12.43% of the stock is owned by insiders.

Hedge Funds Weigh In On AppLovin

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of AppLovin by 99.0% during the 1st quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after purchasing an additional 488 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of AppLovin during the 1st quarter valued at approximately $74,000. Point72 Hong Kong Ltd purchased a new position in shares of AppLovin during the 2nd quarter valued at approximately $55,000. Signaturefd LLC increased its holdings in shares of AppLovin by 74.9% during the 1st quarter. Signaturefd LLC now owns 1,810 shares of the company’s stock valued at $29,000 after purchasing an additional 775 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in AppLovin by 254.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,861 shares of the company’s stock worth $29,000 after acquiring an additional 1,336 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

About AppLovin

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction; and Wurl, a connected TV platform, which primarily distributes streaming video for content companies.