AppLovin (NASDAQ:APP) Earns Neutral Rating from Bank of America

AppLovin (NASDAQ:APP)‘s stock had its “neutral” rating restated by equities research analysts at Bank of America in a report released on Tuesday,Benzinga reports. They currently have a $400.00 target price on the stock, down from their prior target price of $430.00. Bank of America‘s target price indicates a potential upside of 17.99% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Royal Bank Of Canada dropped their price target on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. UBS Group decreased their price objective on shares of AppLovin from $798.00 to $790.00 and set a “buy” rating for the company in a report on Thursday. Wells Fargo & Company restated an “equal weight” rating and set a $357.00 price objective (down from $575.00) on shares of AppLovin in a research report on Thursday, August 6th. Morgan Stanley dropped their target price on shares of AppLovin from $720.00 to $650.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $573.45.

AppLovin Stock Performance

Shares of APP opened at $339.00 on Tuesday. The business’s fifty day simple moving average is $468.68 and its two-hundred day simple moving average is $461.58. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin has a 12 month low of $332.19 and a 12 month high of $745.61. The company has a market cap of $113.88 billion, a price-to-earnings ratio of 26.06, a P/E/G ratio of 0.64 and a beta of 2.54.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the previous year, the business earned $2.39 earnings per share. The company’s revenue was up 52.8% on a year-over-year basis. Research analysts anticipate that AppLovin will post 15.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the transaction, the chief technology officer owned 3,189,739 shares in the company, valued at $1,545,173,366.38. This trade represents a 1.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Matthew Stumpf sold 9,052 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $600.00, for a total transaction of $5,431,200.00. Following the sale, the chief financial officer directly owned 177,450 shares of the company’s stock, valued at approximately $106,470,000. The trade was a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 393,000 shares of company stock valued at $197,297,363. 12.81% of the stock is currently owned by corporate insiders.

Institutional Trading of AppLovin

Several hedge funds have recently bought and sold shares of the stock. Cassaday & Co Wealth Management LLC purchased a new position in shares of AppLovin during the 1st quarter valued at about $25,000. Washington Trust Advisors Inc. increased its holdings in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new stake in AppLovin during the 4th quarter worth approximately $27,000. Pioneer Family Office LLC bought a new stake in AppLovin during the 2nd quarter worth approximately $31,000. Finally, Laurel Wealth Advisors LLC purchased a new position in AppLovin during the fourth quarter valued at approximately $32,000. Institutional investors own 41.85% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.