AppLovin (NASDAQ:APP) Price Target Raised to $860.00

AppLovin (NASDAQ:APP) had its price objective hoisted by Bank of America from $580.00 to $860.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

APP has been the topic of several other research reports. Morgan Stanley upped their price objective on AppLovin from $480.00 to $750.00 and gave the company an “overweight” rating in a research note on Monday. Scotiabank restated an “outperform” rating on shares of AppLovin in a research note on Thursday, August 28th. Jefferies Financial Group upped their price objective on AppLovin from $560.00 to $615.00 and gave the company a “buy” rating in a research note on Friday, September 5th. Zacks Research upgraded AppLovin to a “strong-buy” rating in a research note on Friday, August 8th. Finally, Benchmark upped their price objective on AppLovin from $525.00 to $640.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $578.86.

AppLovin Stock Performance

APP opened at $682.76 on Wednesday. AppLovin has a 52-week low of $135.50 and a 52-week high of $745.61. The firm has a market capitalization of $230.94 billion, a PE ratio of 96.98, a PEG ratio of 3.75 and a beta of 2.53. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74. The business’s 50-day simple moving average is $514.58 and its 200 day simple moving average is $390.81.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. AppLovin’s revenue was up 77.1% on a year-over-year basis. As a group, sell-side analysts expect that AppLovin will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 90,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the sale, the chief executive officer owned 2,620,054 shares of the company’s stock, valued at $1,103,147,536.16. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $432.49, for a total value of $86,498,000.00. Following the sale, the director directly owned 181,929 shares in the company, valued at $78,682,473.21. This represents a 52.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,156,788 shares of company stock valued at $514,863,333 in the last ninety days. 13.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

A number of large investors have recently added to or reduced their stakes in APP. Avestar Capital LLC lifted its stake in AppLovin by 2.1% during the second quarter. Avestar Capital LLC now owns 1,117 shares of the company’s stock worth $391,000 after purchasing an additional 23 shares during the last quarter. Vestcor Inc lifted its stake in AppLovin by 0.8% during the first quarter. Vestcor Inc now owns 4,108 shares of the company’s stock worth $1,088,000 after purchasing an additional 33 shares during the last quarter. RWA Wealth Partners LLC lifted its stake in AppLovin by 0.4% during the second quarter. RWA Wealth Partners LLC now owns 7,680 shares of the company’s stock worth $2,689,000 after purchasing an additional 33 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in AppLovin by 0.8% during the second quarter. Geneos Wealth Management Inc. now owns 4,431 shares of the company’s stock worth $1,551,000 after purchasing an additional 33 shares during the last quarter. Finally, Fortitude Family Office LLC lifted its stake in AppLovin by 32.7% during the second quarter. Fortitude Family Office LLC now owns 138 shares of the company’s stock worth $48,000 after purchasing an additional 34 shares during the last quarter. Institutional investors and hedge funds 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.