AppLovin (NASDAQ:APP) Given New $491.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for AppLovin from $480.00 to $491.00, suggesting a potential upside of 17.22% from the current stock price.
• Analysts have given AppLovin a consensus rating of Moderate Buy with various price targets, including a recent $530.00 from Jefferies Financial Group.
• Insiders have sold over $448 million worth of AppLovin stock in the last quarter, indicating significant activity among company executives.

AppLovin (NASDAQ:APP - Get Free Report) had its price objective hoisted by stock analysts at Wells Fargo & Company from $480.00 to $491.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 17.22% from the stock's current price.

Several other analysts have also commented on APP. Jefferies Financial Group raised their target price on AppLovin from $460.00 to $530.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wall Street Zen lowered AppLovin from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Citigroup reissued a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Oppenheimer reissued an "outperform" rating and issued a $500.00 price objective (down from $560.00) on shares of AppLovin in a report on Thursday, May 8th. Finally, UBS Group raised their price objective on AppLovin from $450.00 to $475.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $472.86.

AppLovin Stock Performance

AppLovin stock traded up $6.5050 during midday trading on Thursday, hitting $418.8850. 3,971,641 shares of the company were exchanged, compared to its average volume of 7,096,792. The firm has a market capitalization of $141.69 billion, a PE ratio of 59.42, a price-to-earnings-growth ratio of 2.31 and a beta of 2.43. AppLovin has a fifty-two week low of $82.51 and a fifty-two week high of $525.15. The business has a fifty day simple moving average of $373.08 and a two-hundred day simple moving average of $344.34. The company has a debt-to-equity ratio of 3.01, a quick ratio of 2.74 and a current ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.AppLovin's revenue for the quarter was up 77.1% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. On average, sell-side analysts forecast that AppLovin will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 125,000 shares of AppLovin stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $466.00, for a total value of $58,250,000.00. Following the sale, the director owned 7,283,292 shares in the company, valued at $3,394,014,072. The trade was a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Herald Y. Chen sold 49,800 shares of AppLovin stock in a transaction on Friday, August 15th. The shares were sold at an average price of $436.08, for a total value of $21,716,784.00. Following the completion of the sale, the director owned 140,000 shares in the company, valued at $61,051,200. This represents a 26.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,022,214 shares of company stock worth $448,294,925 over the last quarter. 13.66% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AppLovin

Several institutional investors and hedge funds have recently modified their holdings of APP. Norges Bank purchased a new stake in shares of AppLovin in the 2nd quarter valued at $951,541,000. Dynasty Wealth Management LLC increased its holdings in AppLovin by 117,664.4% during the 1st quarter. Dynasty Wealth Management LLC now owns 2,702,694 shares of the company's stock worth $716,133,000 after purchasing an additional 2,700,399 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in AppLovin by 36.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company's stock worth $1,745,752,000 after purchasing an additional 1,769,400 shares during the period. Vanguard Group Inc. increased its holdings in AppLovin by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company's stock worth $4,724,594,000 after purchasing an additional 1,213,536 shares during the period. Finally, Baillie Gifford & Co. increased its holdings in AppLovin by 29.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company's stock worth $1,396,486,000 after purchasing an additional 1,185,859 shares during the period. Hedge funds and other 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.

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