AppLovin (NASDAQ:APP) Price Target Raised to $366.00 at Wells Fargo & Company

AppLovin (NASDAQ:APP) had its target price boosted by analysts at Wells Fargo & Company from $360.00 to $366.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 16.67% from the company’s current price.

Other analysts have also issued reports about the stock. Loop Capital upped their target price on shares of AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. Wedbush reaffirmed an “outperform” rating and set a $270.00 price target (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on AppLovin from $200.00 to $325.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, BTIG Research lifted their price objective on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Four investment 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. Based on data from MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $338.06.

AppLovin Trading Down 1.5 %

Shares of APP traded down $4.77 during midday trading on Monday, hitting $313.71. The stock had a trading volume of 810,882 shares, compared to its average volume of 4,071,778. The stock’s 50 day moving average is $318.41 and its 200 day moving average is $181.16. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a market cap of $105.28 billion, a PE ratio of 95.06, a price-to-earnings-growth ratio of 4.17 and a beta of 2.29. AppLovin has a 1 year low of $39.43 and a 1 year high of $417.64.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The firm’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. As a group, analysts forecast that AppLovin will post 4.06 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CMO Katie Kihorany Jansen sold 59,876 shares of AppLovin stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now directly owns 1,017,388 shares of the company’s stock, valued at approximately $291,115,402.32. This trade represents a 5.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Vasily Shikin sold 593,588 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were 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 owns 3,919,024 shares of the company’s stock, valued at approximately $1,251,618,694.88. This represents a 13.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 888,867 shares of company stock valued at $284,773,062. 14.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Townsquare Capital LLC raised its holdings in AppLovin by 64.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock valued at $1,037,000 after acquiring an additional 3,126 shares during the period. Second Half Financial Partners LLC bought a new position in shares of AppLovin in the third quarter worth $224,000. State Street Corp increased its holdings in shares of AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after purchasing an additional 428,419 shares during the period. Eagle Asset Management Inc. grew its position in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares in the last quarter. Finally, Zacks Investment Management grew its position in AppLovin by 328.1% in the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after acquiring an additional 81,331 shares in the last quarter. Hedge funds and other institutional investors 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.