AppLovin (NASDAQ:APP) Given New $475.00 Price Target at JPMorgan Chase & Co.

AppLovin (NASDAQ:APP) had its price target lifted by JPMorgan Chase & Co. from $325.00 to $475.00 in a report published on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other analysts have also issued reports on the stock. Piper Sandler raised their price target on shares of AppLovin from $400.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday. Macquarie lifted 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 reaffirmed 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. Wells Fargo & Company raised their price objective on AppLovin from $360.00 to $366.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Finally, Benchmark assumed coverage on AppLovin in a research report on Friday, January 10th. They set a “buy” rating and a $375.00 price objective on the stock. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, AppLovin currently has a consensus rating of “Moderate Buy” and an average price target of $422.18.

AppLovin Price Performance

NASDAQ APP opened at $471.67 on Thursday. The stock has a 50-day simple moving average of $349.15 and a 200 day simple moving average of $226.34. AppLovin has a twelve month low of $45.59 and a twelve month high of $525.15. The stock has a market capitalization of $158.29 billion, a PE ratio of 142.93, a P/E/G ratio of 3.10 and a beta of 2.30. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

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

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total value of $189,574,199.56. Following the completion of the sale, the chief technology officer now directly owns 3,919,024 shares in the company, valued at approximately $1,251,618,694.88. This trade represents a 13.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Herald Y. Chen sold 400 shares of AppLovin stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $366.16, for a total value of $146,464.00. Following the completion of the transaction, the chief financial officer now directly owns 207,649 shares of the company’s stock, valued at $76,032,757.84. This represents a 0.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 828,991 shares of company stock valued at $267,640,144. Corporate insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Several hedge funds have recently modified their holdings of the stock. FMR LLC lifted its holdings in AppLovin by 75.5% during the 4th quarter. FMR LLC now owns 13,851,122 shares of the company’s stock worth $4,485,409,000 after buying an additional 5,957,885 shares in the last quarter. WCM Investment Management LLC raised its position in shares of AppLovin by 10.5% during the third quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after acquiring an additional 1,029,009 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of AppLovin during the fourth quarter valued at $1,781,922,000. State Street Corp boosted its holdings 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 last quarter. Finally, Geode Capital Management LLC increased its position in AppLovin by 14.5% in the fourth quarter. Geode Capital Management LLC now owns 4,519,445 shares of the company’s stock worth $1,462,144,000 after purchasing an additional 573,310 shares during the period. 41.85% of the stock is owned by institutional investors.

About AppLovin

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.