Wells Fargo & Company Forecasts Strong Price Appreciation for AppLovin (NASDAQ:APP) Stock

AppLovin (NASDAQ:APP) had its target price raised by analysts at Wells Fargo & Company from $543.00 to $560.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 38.98% from the stock’s previous close.

APP has been the topic of a number of other reports. Oppenheimer lowered their price objective on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. BTIG Research dropped their price target on shares of AppLovin from $771.00 to $640.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Scotiabank increased their price target on shares of AppLovin from $750.00 to $775.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. Morgan Stanley set a $720.00 price objective on shares of AppLovin in a research report on Thursday, February 12th. Finally, Wedbush lifted their price objective on AppLovin from $465.00 to $640.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $669.05.

AppLovin Stock Performance

NASDAQ:APP traded up $16.56 during mid-day trading on Monday, reaching $402.93. 1,255,330 shares of the stock were exchanged, compared to its average volume of 5,992,226. The stock has a market capitalization of $135.90 billion, a P/E ratio of 41.39, a P/E/G ratio of 0.67 and a beta of 2.50. AppLovin has a 1 year low of $200.50 and a 1 year high of $745.61. The company has a 50 day simple moving average of $440.12 and a 200-day simple moving average of $562.44. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 1.65.

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

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 40,704 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 2,430,414 shares of the company’s stock, valued at $1,117,625,877.90. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Vasily Shikin sold 5,231 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $477.47, for a total value of $2,497,645.57. Following the sale, the chief technology officer owned 30,658 shares in the company, valued at approximately $14,638,275.26. The trade was a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 365,244 shares of company stock worth $169,584,607 in the last quarter. Company insiders own 13.66% of the company’s stock.

Institutional Trading of AppLovin

Several large investors have recently modified their holdings of the business. Lazard Freres Gestion S.A.S. acquired a new position in AppLovin in the 3rd quarter valued at $2,514,000. Mediolanum International Funds Ltd grew its position in shares of AppLovin by 73.5% in the third quarter. Mediolanum International Funds Ltd now owns 76,736 shares of the company’s stock valued at $54,664,000 after purchasing an additional 32,510 shares during the period. Thames Capital Management LLC increased its stake in AppLovin by 114.8% in the third quarter. Thames Capital Management LLC now owns 16,702 shares of the company’s stock valued at $12,001,000 after purchasing an additional 8,925 shares during the last quarter. CIBC Asset Management Inc lifted its position in AppLovin by 14.8% during the third quarter. CIBC Asset Management Inc now owns 117,126 shares of the company’s stock worth $84,160,000 after buying an additional 15,074 shares during the period. Finally, Allworth Financial LP boosted its stake in AppLovin by 131.7% in the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock worth $4,347,000 after buying an additional 3,438 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.