Bank of America Boosts AppLovin (NYSE:APP) Price Target to $41.00

Posted by Defense World Staff on Aug 14th, 2023

AppLovin (NYSE:APP – Free Report) had its price objective lifted by Bank of America from $35.00 to $41.00 in a research report sent to investors on Thursday morning, FlyOnTheWall reports.

Several other research firms have also issued reports on APP. Stifel Nicolaus boosted their price target on AppLovin from $22.50 to $36.00 and gave the company a buy rating in a report on Tuesday, August 1st. Credit Suisse Group increased their target price on shares of AppLovin from $49.00 to $57.00 and gave the stock an outperform rating in a report on Thursday. DA Davidson lifted their price target on shares of AppLovin from $28.00 to $32.00 in a report on Thursday, May 11th. Morgan Stanley increased their price objective on shares of AppLovin from $16.00 to $17.50 in a research note on Thursday, May 11th. Finally, Truist Financial lifted their target price on shares of AppLovin from $25.00 to $35.00 and gave the company a buy rating in a research note on Sunday, August 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $34.68.

Get Our Latest Report on APP

AppLovin Price Performance

Shares of NYSE:APP opened at $38.89 on Thursday. The company has a quick ratio of 3.31, a current ratio of 2.87 and a debt-to-equity ratio of 2.09. The stock has a market capitalization of $14.17 billion, a PE ratio of 648.27, a price-to-earnings-growth ratio of 5.48 and a beta of 1.95. The firm’s 50 day moving average price is $27.15 and its 200-day moving average price is $20.30. AppLovin has a twelve month low of $9.14 and a twelve month high of $39.57.

AppLovin (NYSE:APP – Get Free Report) last released its quarterly earnings results on Wednesday, August 9th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.14. AppLovin had a net margin of 0.70% and a return on equity of 5.51%. The business had revenue of $750.17 million for the quarter, compared to the consensus estimate of $724.41 million. During the same period last year, the firm earned ($0.06) earnings per share. The company’s quarterly revenue was down 3.4% on a year-over-year basis. Equities research analysts expect that AppLovin will post 0.6 EPS for the current year.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 5,188 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $22.71, for a total transaction of $117,819.48. Following the completion of the transaction, the director now owns 13,789 shares in the company, valued at $313,148.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CMO Katie Kihorany Jansen sold 52,193 shares of AppLovin stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $25.04, for a total value of $1,306,912.72. Following the completion of the transaction, the chief marketing officer now owns 1,449,373 shares in the company, valued at approximately $36,292,299.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 5,188 shares of AppLovin stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $22.71, for a total transaction of $117,819.48. Following the transaction, the director now directly owns 13,789 shares of the company’s stock, valued at $313,148.19. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,064,762 shares of company stock worth $682,874,433. Insiders own 12.43% of the company’s stock.

Hedge Funds Weigh In On AppLovin

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of AppLovin by 7.8% in the third quarter. Vanguard Group Inc. now owns 15,387,994 shares of the company’s stock worth $299,911,000 after purchasing an additional 1,115,232 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of AppLovin during the first quarter valued at approximately $217,358,000. BlackRock Inc. increased its holdings in AppLovin by 2.4% during the 2nd quarter. BlackRock Inc. now owns 8,335,764 shares of the company’s stock worth $214,479,000 after purchasing an additional 195,030 shares during the period. Spruce House Investment Management LLC raised its position in AppLovin by 33.7% during the 4th quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company’s stock valued at $52,650,000 after purchasing an additional 1,259,199 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of AppLovin by 3.7% in the 1st quarter. First Trust Advisors LP now owns 4,040,013 shares of the company’s stock worth $63,630,000 after buying an additional 144,035 shares during the period. Hedge funds and other institutional investors own 45.47% of the company’s stock.

AppLovin Company Profile

(Get Free Report)

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.