AppLovin (NASDAQ:APP – Get Free Report) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $325.00 to $475.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 6.89% from the company’s previous close.
Other equities research analysts have also issued reports about the company. Loop Capital raised their price objective on AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday. Benchmark started coverage on AppLovin in a research note on Friday, January 10th. They set a “buy” rating and a $375.00 price target for the company. Finally, Citigroup raised their price target on AppLovin from $335.00 to $460.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $422.18.
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AppLovin Trading Up 8.2 %
AppLovin (NASDAQ:APP – Get Free Report) last announced its quarterly earnings data 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%. As a group, analysts predict that AppLovin will post 4.09 earnings per share for the current fiscal year.
Insider Activity at AppLovin
In other news, CTO Vasily Shikin sold 593,588 shares of AppLovin stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $319.37, for a total transaction of $189,574,199.56. Following the sale, 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 can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $356.39, for a total value of $597,309.64. Following the sale, the chief executive officer now directly owns 3,058,635 shares in the company, valued at $1,090,066,927.65. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have 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 institutional investors have recently modified their holdings of the company. Pennington Partners & CO. LLC acquired a new stake in shares of AppLovin during the 4th quarter worth approximately $385,000. Mercer Global Advisors Inc. ADV boosted its stake in AppLovin by 39.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 62,397 shares of the company’s stock valued at $20,206,000 after buying an additional 17,746 shares in the last quarter. Itau Unibanco Holding S.A. boosted its stake in AppLovin by 633.3% in the 4th quarter. Itau Unibanco Holding S.A. now owns 308 shares of the company’s stock valued at $100,000 after buying an additional 266 shares in the last quarter. Westbourne Investments Inc. acquired a new stake in AppLovin in the 4th quarter valued at $1,133,000. Finally, JAT Capital Mgmt LP boosted its stake in AppLovin by 20.1% in the 4th quarter. JAT Capital Mgmt LP now owns 114,081 shares of the company’s stock valued at $36,943,000 after buying an additional 19,081 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.
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.
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