AppLovin (NASDAQ:APP) Price Target Raised to $425.00

Key Points

• JPMorgan Chase & Co. has raised its price target for AppLovin (NASDAQ:APP) stock from $400 to $425, maintaining a "neutral" rating despite a potential downside of 2.80% from its previous close.
• Other brokerages have also recently adjusted their ratings and price targets, with Goldman Sachs increasing its target to $435 and Jefferies boosting it to $530, reflecting a generally positive outlook for the stock.
• AppLovin's stock showed significant trading activity with over 19 million shares traded, and it reported a quarterly earnings of $2.26 EPS, exceeding estimates but with revenue of $1.26 billion falling short of expectations.

AppLovin (NASDAQ:APP - Free Report) had its price objective upped by JPMorgan Chase & Co. from $400.00 to $425.00 in a research report report published on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other equities analysts also recently issued research reports about the stock. Piper Sandler boosted their price target on shares of AppLovin from $470.00 to $500.00 and gave the stock an "overweight" rating in a research note on Thursday. Oppenheimer restated an "outperform" rating and issued a $500.00 price target (down previously from $560.00) on shares of AppLovin in a research note on Thursday, May 8th. The Goldman Sachs Group boosted their price target on shares of AppLovin from $335.00 to $435.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley boosted their target price on shares of AppLovin from $460.00 to $480.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Wedbush reiterated an "outperform" rating and set a $620.00 target price on shares of AppLovin in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $472.33.

AppLovin Price Performance

APP traded up $15.10 during trading on Thursday, reaching $452.44. The company's stock had a trading volume of 5,989,141 shares, compared to its average volume of 7,205,909. The company has a market cap of $153.10 billion, a price-to-earnings ratio of 64.35, a PEG ratio of 2.33 and a beta of 2.43. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. The firm has a fifty day simple moving average of $365.28 and a two-hundred day simple moving average of $339.24. AppLovin has a 1 year low of $72.81 and a 1 year high of $525.15.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 274.45%. The business's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.89 EPS. As a group, analysts anticipate that AppLovin will post 6.87 EPS for the current year.

Insider Activity at AppLovin

In other news, Director Herald Y. Chen sold 171,420 shares of AppLovin stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $373.77, for a total value of $64,071,653.40. Following the completion of the transaction, the director directly owned 221,209 shares of the company's stock, valued at approximately $82,681,287.93. The trade was a 43.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Herald Y. Chen sold 400,000 shares of AppLovin stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $374.61, for a total transaction of $149,844,000.00. Following the completion of the transaction, the director directly owned 221,209 shares of the company's stock, valued at $82,867,103.49. This trade represents a 64.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,212,968 shares of company stock valued at $455,062,980 in the last 90 days. 13.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AppLovin

A number of large investors have recently made changes to their positions in the company. Revolve Wealth Partners LLC bought a new stake in AppLovin in the fourth quarter worth approximately $294,000. Wedbush Securities Inc. bought a new stake in AppLovin in the fourth quarter worth approximately $236,000. Quadrant Capital Group LLC grew its position in AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company's stock worth $170,000 after acquiring an additional 33 shares in the last quarter. FIL Ltd grew its position in AppLovin by 172.8% in the fourth quarter. FIL Ltd now owns 159,750 shares of the company's stock worth $51,732,000 after acquiring an additional 101,180 shares in the last quarter. Finally, Bank of Nova Scotia grew its position in AppLovin by 14.5% in the fourth quarter. Bank of Nova Scotia now owns 4,470 shares of the company's stock worth $1,448,000 after acquiring an additional 565 shares in the last quarter. Institutional investors and hedge funds 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.