Wells Fargo & Company Increases AppLovin (NASDAQ:APP) Price Target to $405.00

AppLovin (NASDAQ:APP) had its price objective hoisted by research analysts at Wells Fargo & Company from $386.00 to $405.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 23.18% from the company’s current price.

APP has been the subject of a number of other research reports. Jefferies Financial Group raised their price objective on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Piper Sandler lowered their target price on shares of AppLovin from $575.00 to $425.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. cut their price target on shares of AppLovin from $475.00 to $270.00 and set a “neutral” rating for the company in a research note on Tuesday, April 22nd. UBS Group lowered their price objective on AppLovin from $630.00 to $450.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Finally, Benchmark raised their target price on AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $433.85.

AppLovin Stock Performance

Shares of APP opened at $328.79 on Thursday. The firm has a market cap of $111.77 billion, a price-to-earnings ratio of 72.42, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company’s fifty day moving average is $275.55 and its 200-day moving average is $310.54. AppLovin has a 12 month low of $60.67 and a 12 month 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.

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

Insider Buying and Selling at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the transaction, the director now directly owns 621,209 shares in the company, valued at $201,675,501.85. This represents a 24.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Institutional investors have recently modified their holdings of the business. Barclays PLC increased its position in shares of AppLovin by 92.5% during the 3rd quarter. Barclays PLC now owns 318,992 shares of the company’s stock valued at $41,643,000 after purchasing an additional 153,248 shares during the last quarter. Diversified Trust Co boosted its holdings in AppLovin by 27.1% in the 4th quarter. Diversified Trust Co now owns 5,034 shares of the company’s stock valued at $1,630,000 after purchasing an additional 1,072 shares during the period. Chicago Capital LLC purchased a new stake in shares of AppLovin in the fourth quarter worth $323,000. Graypoint LLC purchased a new position in AppLovin during the fourth quarter worth about $369,000. Finally, Brookstone Capital Management bought a new position in AppLovin in the 4th quarter worth about $290,000. 41.85% of the stock is owned by institutional investors.

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.