JPMorgan Chase & Co. Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its target price hoisted by JPMorgan Chase & Co. from $355.00 to $400.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on APP. FBN Securities initiated coverage on shares of AppLovin in a report on Friday, March 28th. They issued an “outperform” rating and a $385.00 target price on the stock. UBS Group raised their target price on shares of AppLovin from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. The Goldman Sachs Group raised their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Oppenheimer restated an “outperform” rating and issued a $500.00 target price (down previously from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a research report on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $436.10.

AppLovin Trading Down 0.8%

NASDAQ:APP opened at $398.51 on Tuesday. AppLovin has a 52 week low of $60.67 and a 52 week high of $525.15. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The company’s 50 day moving average price is $302.59 and its 200-day moving average price is $330.23. The stock has a market cap of $134.85 billion, a price-to-earnings ratio of 87.78, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the company posted $0.67 earnings per share. The firm’s quarterly revenue was up 40.3% on a year-over-year basis. On average, equities research analysts forecast that AppLovin will post 6.87 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 33,700 shares of AppLovin stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $365.54, for a total value of $12,318,698.00. Following the completion of the transaction, the chief executive officer now directly owns 2,760,363 shares of the company’s stock, valued at $1,009,023,091.02. This trade represents a 1.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 34,766 shares of AppLovin stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $353.64, for a total transaction of $12,294,648.24. Following the completion of the transaction, the chief technology officer now directly owns 70,889 shares of the company’s stock, valued at $25,069,185.96. The trade was a 32.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,115,754 shares of company stock worth $411,165,970. Insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Institutional investors and hedge funds have recently made changes to their positions in the business. Tcfg Wealth Management LLC purchased a new position in shares of AppLovin during the 4th quarter worth about $369,000. Capital Advisory Group Advisory Services LLC purchased a new position in shares of AppLovin during the 4th quarter worth about $213,000. Vicus Capital purchased a new position in shares of AppLovin during the 4th quarter worth about $349,000. Peak Retirement Planning Inc. purchased a new position in shares of AppLovin during the 4th quarter worth about $969,000. Finally, Parcion Private Wealth LLC purchased a new position in shares of AppLovin during the 4th quarter worth about $366,000. 41.85% of the stock is owned by hedge funds and other 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.