AppLovin (NASDAQ:APP) Price Target Raised to $475.00

AppLovin (NASDAQ:APP) had its price objective upped by analysts at JPMorgan Chase & Co. from $325.00 to $475.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 3.96% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Loop Capital lifted their target price on shares of AppLovin from $385.00 to $450.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Macquarie raised their target price on AppLovin from $270.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Wedbush reissued an “outperform” rating and issued a $270.00 price target (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Jefferies Financial Group raised their price objective on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, BTIG Research upped their target price on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average target price of $408.65.

AppLovin Trading Up 30.0 %

AppLovin stock traded up $114.26 during midday trading on Thursday, reaching $494.58. The stock had a trading volume of 7,818,069 shares, compared to its average volume of 4,335,098. The firm’s fifty day simple moving average is $347.30 and its two-hundred day simple moving average is $224.62. 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 twelve month low of $45.59 and a twelve month high of $525.15. The firm has a market cap of $165.98 billion, a price-to-earnings ratio of 149.48, a PEG ratio of 3.10 and a beta of 2.30.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating 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%. Equities analysts anticipate that AppLovin will post 4.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction dated 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 transaction, the chief technology officer now owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This trade represents a 13.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig Scott Billings sold 18,000 shares of AppLovin stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the sale, the director now directly owns 2,987 shares of the company’s stock, valued at $952,673.78. This represents a 85.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 828,991 shares of company stock worth $267,640,144 in the last 90 days. Corporate insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Townsquare Capital LLC grew its holdings in shares of AppLovin by 64.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after buying an additional 3,126 shares during the period. Second Half Financial Partners LLC bought a new position in AppLovin during the third quarter worth about $224,000. State Street Corp grew its stake in AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after acquiring an additional 428,419 shares during the period. Eagle Asset Management Inc. increased its holdings in shares of AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares in the last quarter. Finally, Zacks Investment Management raised its position in shares of AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after purchasing an additional 81,331 shares during the period. Institutional investors own 41.85% of the company’s stock.

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.