AppLovin (NASDAQ:APP) Stock Price Expected to Rise, Bank of America Analyst Says

AppLovin (NASDAQ:APP - Get Free Report) had its price target upped by equities research analysts at Bank of America from $375.00 to $580.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's price target suggests a potential upside of 13.70% from the stock's current price.

APP has been the topic of several other research reports. Stifel Nicolaus upped their target price on AppLovin from $250.00 to $435.00 and gave the stock a "buy" rating in a report on Thursday, December 5th. Daiwa America raised AppLovin from a "hold" rating to a "strong-buy" rating in a report on Friday, November 8th. Jefferies Financial Group increased their price target on AppLovin from $400.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. BTIG Research lifted their price objective on AppLovin from $202.00 to $291.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Citigroup raised their target price on AppLovin from $335.00 to $460.00 and gave the company a "buy" rating in a research note on Thursday, December 5th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $422.18.

AppLovin Price Performance

Shares of AppLovin stock traded up $38.46 during midday trading on Thursday, hitting $510.13. 11,325,513 shares of the company were exchanged, compared to its average volume of 3,704,961. The firm has a 50 day simple moving average of $351.33 and a 200-day simple moving average of $230.42. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin has a 52 week low of $52.75 and a 52 week high of $525.15. The firm has a market cap of $171.19 billion, a P/E ratio of 154.59, a PEG ratio of 3.10 and a beta of 2.30.

AppLovin (NASDAQ:APP - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share 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 forecast that AppLovin will post 4.09 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In related news, CTO Vasily Shikin sold 593,588 shares of the company's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $319.37, for a total value of $189,574,199.56. Following the completion of the transaction, the chief technology officer now directly owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. The trade was a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the company's stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the completion of 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 ownership of the stock. 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. 14.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AppLovin

Several hedge funds and other institutional investors have recently modified their holdings of APP. Fuller & Thaler Asset Management Inc. purchased a new stake in AppLovin in the fourth quarter worth about $25,000. GHP Investment Advisors Inc. purchased a new stake in shares of AppLovin during the fourth quarter valued at approximately $25,000. Riverview Trust Co grew its holdings in shares of AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after buying an additional 82 shares during the last quarter. Tucker Asset Management LLC purchased a new stake in shares of AppLovin during the fourth quarter valued at approximately $28,000. Finally, Hemington Wealth Management grew its holdings in shares of AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company's stock valued at $29,000 after buying an additional 40 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

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.