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

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

Several other research firms have also recently commented on APP. Citigroup increased their price objective on AppLovin from $335.00 to $460.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Bank of America upped their price target on AppLovin from $252.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. UBS Group upgraded AppLovin from a “neutral” rating to a “buy” rating and increased their target price for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and increased their target price for the stock from $103.00 to $150.00 in a research note on Monday, October 14th. Finally, Loop Capital raised their price target on AppLovin from $385.00 to $450.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and a consensus price target of $338.06.

AppLovin Trading Down 1.5 %

APP stock traded down $4.77 during trading on Monday, reaching $313.71. The company had a trading volume of 810,882 shares, compared to its average volume of 4,071,778. AppLovin has a 52 week low of $39.43 and a 52 week high of $417.64. The company has a market cap of $105.28 billion, a P/E ratio of 95.06, a PEG ratio of 4.17 and a beta of 2.29. The business has a 50 day moving average of $318.41 and a 200 day moving average of $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.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.13 billion. During the same quarter last year, the firm earned $0.30 earnings per share. The business’s revenue for the quarter was up 38.6% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin will post 4.06 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the completion of the sale, the insider now directly owns 405,676 shares of the company’s stock, valued at $143,670,155.40. This trade represents a 4.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Herald Y. Chen sold 99,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $329.50, for a total value of $32,620,500.00. Following the completion of the transaction, the director now directly owns 621,209 shares of the company’s stock, valued at $204,688,365.50. The trade was a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 888,867 shares of company stock worth $284,773,062. 14.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Townsquare Capital LLC lifted its stake in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock worth $1,037,000 after purchasing an additional 3,126 shares in the last quarter. Second Half Financial Partners LLC bought a new stake in AppLovin in the third quarter valued at about $224,000. State Street Corp increased its holdings in AppLovin by 8.6% in the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after buying an additional 428,419 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in AppLovin by 2,200.4% in the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock valued at $68,297,000 after buying an additional 500,407 shares during the last quarter. Finally, Zacks Investment Management grew its holdings in shares of AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock valued at $13,854,000 after purchasing an additional 81,331 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.