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

AppLovin (NASDAQ:APP) had its price objective raised by Wells Fargo & Company from $250.00 to $360.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also weighed in on APP. JPMorgan Chase & Co. boosted their price objective on shares of AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Benchmark restated a “sell” rating and issued a $66.00 price target on shares of AppLovin in a research note on Thursday, November 7th. Wedbush reaffirmed an “outperform” rating and set a $270.00 price objective (up from $170.00) on shares of AppLovin in a research report on Thursday, November 7th. Oppenheimer lifted their price objective on AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Macquarie upped their target price on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $222.96.

AppLovin Stock Performance

Shares of APP opened at $333.31 on Wednesday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a market cap of $111.86 billion, a P/E ratio of 101.00, a P/E/G ratio of 3.92 and a beta of 1.86. The business’s 50 day moving average price is $181.30 and its 200-day moving average price is $117.41. AppLovin has a 52 week low of $35.79 and a 52 week high of $342.51.

AppLovin (NASDAQ:APP) last released its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping 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 return on equity of 122.24% and a net margin of 26.85%. The company’s quarterly revenue was up 38.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 earnings per share. Equities research analysts anticipate that AppLovin will post 4.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 154,500 shares of AppLovin stock in a transaction that occurred 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 sale, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. This trade represents a 3.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew Stumpf sold 21,101 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $332.67, for a total value of $7,019,669.67. Following the completion of the transaction, the chief financial officer now directly owns 213,336 shares in the company, valued at approximately $70,970,487.12. This represents a 9.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,065 shares of company stock valued at $233,072,408. 14.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AppLovin

Institutional investors and hedge funds have recently modified their holdings of the stock. National Bank of Canada FI increased its holdings in shares of AppLovin by 4.0% in the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock worth $131,000 after purchasing an additional 39 shares during the last quarter. Great Valley Advisor Group Inc. raised its holdings in shares of AppLovin by 2.2% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock worth $370,000 after acquiring an additional 60 shares in the last quarter. HM Payson & Co. raised its holdings in shares of AppLovin by 50.0% during the 3rd quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. Aptus Capital Advisors LLC boosted its position in shares of AppLovin by 0.3% during the 3rd quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock valued at $4,371,000 after acquiring an additional 104 shares during the last quarter. Finally, Ashton Thomas Securities LLC increased its position in AppLovin by 2.6% in the third quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock worth $626,000 after purchasing an additional 121 shares during the last quarter. 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.