AppLovin (NASDAQ:APP) Price Target Raised to $491.00 at Wells Fargo & Company

AppLovin (NASDAQ:APP) had its target price lifted by Wells Fargo & Company from $480.00 to $491.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

APP has been the topic of a number of other reports. Jefferies Financial Group increased their price objective on shares of AppLovin from $460.00 to $530.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. BTIG Research increased their price objective on shares of AppLovin from $480.00 to $483.00 and gave the stock a “buy” rating in a research report on Wednesday, July 23rd. Piper Sandler increased their price objective on shares of AppLovin from $470.00 to $500.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Benchmark reissued a “buy” rating and issued a $525.00 price objective on shares of AppLovin in a research report on Thursday, May 8th. Finally, HSBC set a $436.00 price objective on shares of AppLovin and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $472.86.

AppLovin Stock Up 5.5%

Shares of NASDAQ APP opened at $441.68 on Thursday. The firm’s 50-day moving average price is $375.38 and its 200-day moving average price is $344.98. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 3.01. The stock has a market capitalization of $149.40 billion, a price-to-earnings ratio of 62.74, a P/E/G ratio of 2.47 and a beta of 2.43. AppLovin has a 12-month low of $82.51 and a 12-month high of $525.15.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.37 billion. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The business’s revenue was up 77.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.89 EPS. On average, equities research analysts anticipate that AppLovin will post 6.87 EPS for the current fiscal year.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total transaction of $13,127,100.00. Following the transaction, the chief technology officer directly owned 3,360,104 shares of the company’s stock, valued at approximately $1,470,280,707.28. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 90,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $421.04, for a total transaction of $37,893,600.00. Following the transaction, the chief executive officer directly owned 2,620,054 shares in the company, valued at approximately $1,103,147,536.16. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,221,152 shares of company stock valued at $538,490,378. 13.66% of the stock is owned by insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently modified their holdings of APP. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin during the fourth quarter valued at approximately $25,000. Atala Financial Inc bought a new position in shares of AppLovin during the first quarter valued at approximately $26,000. Hilltop National Bank bought a new position in shares of AppLovin during the second quarter valued at approximately $26,000. LFA Lugano Financial Advisors SA bought a new position in shares of AppLovin during the second quarter valued at approximately $26,000. Finally, Alpine Bank Wealth Management bought a new position in shares of AppLovin during the first quarter valued at approximately $27,000. 41.85% of the stock is currently owned by institutional investors.

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.