Wells Fargo & Company Increases AppLovin (NASDAQ:APP) Price Target to $360.00

AppLovin (NASDAQ:APP) had its price target boosted by equities researchers at Wells Fargo & Company from $250.00 to $360.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 12.85% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and raised their target price for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. The Goldman Sachs Group downgraded shares of AppLovin from a “buy” rating to a “neutral” rating and raised their price target for the company from $103.00 to $150.00 in a research report on Monday, October 14th. Finally, Piper Sandler assumed coverage on shares of AppLovin in a research report on Wednesday. They set an “overweight” rating and a $400.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $222.96.

AppLovin Stock Performance

Shares of APP opened at $318.99 on Wednesday. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin has a one year low of $35.79 and a one year high of $342.51. The company has a 50-day simple moving average of $176.89 and a two-hundred day simple moving average of $115.35. The firm has a market capitalization of $107.05 billion, a PE ratio of 96.67, a price-to-earnings-growth ratio of 3.95 and a beta of 1.86.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the business posted $0.30 earnings per share. AppLovin’s quarterly revenue was up 38.6% compared to the same quarter last year. On average, analysts anticipate that AppLovin will post 4.06 EPS for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the sale, the chief marketing officer now owns 1,017,388 shares in the company, valued at $291,115,402.32. The trade was a 5.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Vasily Shikin sold 154,500 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the completion of the sale, the chief technology officer now owns 4,530,455 shares in the company, valued at approximately $381,192,483.70. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 221,376 shares of company stock worth $30,737,619. 14.69% of the stock is owned by corporate insiders.

Institutional Trading of AppLovin

Large investors have recently made changes to their positions in the business. FMR LLC grew its holdings in AppLovin by 622.8% during the 3rd quarter. FMR LLC now owns 7,893,237 shares of the company’s stock valued at $1,030,462,000 after purchasing an additional 6,801,138 shares during the last quarter. Fred Alger Management LLC purchased a new stake in AppLovin in the 2nd quarter valued at about $290,655,000. Whale Rock Capital Management LLC purchased a new stake in AppLovin in the 1st quarter valued at about $195,129,000. Jericho Capital Asset Management L.P. boosted its position in AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after buying an additional 2,525,240 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after buying an additional 1,357,400 shares during the period. 41.85% of the stock is currently 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.