Bank of America Reiterates Neutral Rating for AppLovin (NASDAQ:APP)

AppLovin (NASDAQ:APP)‘s stock had its “neutral” rating reiterated by Bank of America in a note issued to investors on Tuesday,Benzinga reports. They currently have a $400.00 price target on the stock, down from their previous price target of $430.00. Bank of America‘s price objective indicates a potential upside of 17.99% from the company’s current price.

APP has been the topic of a number of other reports. KeyCorp set a $775.00 price target on AppLovin in a report on Wednesday, June 10th. JPMorgan Chase & Co. lifted their price objective on shares of AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Piper Sandler downgraded shares of AppLovin from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $665.00 to $385.00 in a report on Thursday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $660.00 target price on shares of AppLovin in a research report on Thursday, May 7th. Finally, BTIG Research cut their target price on shares of AppLovin from $640.00 to $574.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $573.45.

AppLovin Price Performance

NASDAQ:APP opened at $339.00 on Tuesday. The business’s 50-day simple moving average is $468.68 and its two-hundred day simple moving average is $461.58. AppLovin has a 52 week low of $332.19 and a 52 week high of $745.61. The stock has a market cap of $113.88 billion, a PE ratio of 26.06, a P/E/G ratio of 0.64 and a beta of 2.54. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $1.94 billion. During the same quarter in the prior year, the company posted $2.39 earnings per share. The business’s quarterly revenue was up 52.8% compared to the same quarter last year. As a group, analysts forecast that AppLovin will post 15.56 EPS for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the completion of the transaction, the director owned 120,444 shares in the company, valued at $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 22,544 shares of AppLovin stock in a transaction on Friday, June 12th. The stock was sold at an average price of $494.98, for a total transaction of $11,158,829.12. Following the completion of the transaction, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at $1,152,157,026.32. The trade was a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 393,000 shares of company stock valued at $197,297,363 in the last three months. Corporate insiders own 12.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Washington Trust Advisors Inc. grew its position in AppLovin by 160.0% in the fourth 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. purchased a new stake in AppLovin during the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $32,000. Osbon Capital Management LLC bought a new stake in shares of AppLovin in the 4th quarter valued at approximately $36,000. Finally, Dogwood Wealth Management LLC boosted its holdings in shares of AppLovin by 84.4% in the 4th quarter. Dogwood Wealth Management LLC now owns 59 shares of the company’s stock worth $40,000 after purchasing an additional 27 shares during the period. Institutional investors own 41.85% of the company’s stock.

About AppLovin

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.