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

AppLovin (NASDAQ:APP) had its price objective upped by investment analysts at Wells Fargo & Company from $543.00 to $560.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 38.98% from the company’s current price.

A number of other research firms have also recently commented on APP. Arete Research set a $340.00 target price on AppLovin and gave the company a “neutral” rating in a research report on Monday, March 2nd. Morgan Stanley set a $720.00 price objective on AppLovin in a research report on Thursday, February 12th. Wedbush increased their target price on AppLovin from $465.00 to $640.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Benchmark reissued a “buy” rating on shares of AppLovin in a research note on Friday, March 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $650.00 price target (down from $800.00) on shares of AppLovin in a report on Thursday, February 12th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus price target of $669.05.

AppLovin Stock Performance

AppLovin stock traded up $16.56 during mid-day trading on Monday, reaching $402.93. 1,255,330 shares of the company traded hands, compared to its average volume of 5,992,226. The firm’s fifty day moving average is $440.12 and its two-hundred day moving average is $562.44. The company has a market capitalization of $135.90 billion, a price-to-earnings ratio of 41.39, a price-to-earnings-growth ratio of 0.67 and a beta of 2.50. AppLovin has a fifty-two week low of $200.50 and a fifty-two week high of $745.61. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.32 and a quick ratio of 3.32.

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

Insider Buying and Selling at AppLovin

In other AppLovin news, CEO Arash Adam Foroughi sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer owned 2,480,414 shares of the company’s stock, valued at $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the completion of the sale, the chief technology officer owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. This trade represents a 1.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 365,244 shares of company stock worth $169,584,607 in the last ninety days. 13.66% of the stock is owned by insiders.

Institutional Trading of AppLovin

Several hedge funds have recently modified their holdings of the stock. Washington Trust Advisors Inc. increased its holdings in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 24 shares during the last quarter. Chilton Capital Management LLC acquired a new position in AppLovin in the third quarter valued at approximately $29,000. Board of the Pension Protection Fund purchased a new position in AppLovin in the fourth quarter valued at approximately $27,000. Mcguire Capital Advisors Inc. purchased a new position in AppLovin in the fourth quarter valued at approximately $27,000. Finally, Activest Wealth Management raised its holdings in AppLovin by 760.0% during the third quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after purchasing an additional 38 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

About AppLovin

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.