Wells Fargo & Company Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its price objective raised by Wells Fargo & Company from $543.00 to $560.00 in a research note released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other brokerages also recently issued reports on APP. Royal Bank Of Canada reissued an “outperform” rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, February 12th. BTIG Research cut their target price on AppLovin from $771.00 to $640.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $700.00 target price on shares of AppLovin in a research note on Wednesday, March 11th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Finally, Jefferies Financial Group cut their target price on AppLovin from $860.00 to $700.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $669.05.

AppLovin Trading Up 6.8%

Shares of NASDAQ APP opened at $412.68 on Monday. The company has a market cap of $139.19 billion, a price-to-earnings ratio of 42.33, a price-to-earnings-growth ratio of 0.67 and a beta of 2.50. AppLovin has a 12-month low of $200.50 and a 12-month high of $745.61. The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 1.65. The stock’s 50 day simple moving average is $437.67 and its 200 day simple moving average is $560.97.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.35. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.61 billion. AppLovin had a return on equity of 245.64% and a net margin of 57.42%.The business’s revenue was up 66.0% on a year-over-year basis. During the same quarter last year, the business posted $1.73 EPS. Equities research analysts expect that AppLovin will post 6.87 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, CTO Vasily Shikin sold 5,231 shares of AppLovin stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total transaction of $2,497,645.57. Following the sale, the chief technology officer owned 30,658 shares of the company’s stock, valued at $14,638,275.26. The trade was a 14.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arash Adam Foroughi sold 40,704 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $459.85, for a total value of $18,717,734.40. Following the completion of the sale, the chief executive officer directly owned 2,430,414 shares in the company, valued at $1,117,625,877.90. This represents a 1.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 365,244 shares of company stock valued at $169,584,607 in the last quarter. Corporate insiders own 13.66% of the company’s stock.

Institutional Trading of AppLovin

Hedge funds and other institutional investors have recently modified their holdings of the company. Board of the Pension Protection Fund bought a new stake in shares of AppLovin in the 4th quarter worth $27,000. Washington Trust Advisors Inc. raised its stake in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new stake in shares of AppLovin in the 4th quarter worth $27,000. Chilton Capital Management LLC bought a new stake in shares of AppLovin in the 3rd quarter worth $29,000. Finally, Activest Wealth Management raised its stake in shares of AppLovin by 760.0% in the 3rd quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after buying an additional 38 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.