AppLovin (NASDAQ:APP) Price Target Raised to $405.00

AppLovin (NASDAQ:APP - Get Free Report) had its price objective hoisted by equities research analysts at Wells Fargo & Company from $386.00 to $405.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 16.00% from the stock's current price.

APP has been the subject of several other reports. Piper Sandler dropped their price objective on AppLovin from $575.00 to $425.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. The Goldman Sachs Group decreased their price objective on shares of AppLovin from $500.00 to $335.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. UBS Group reduced their price target on shares of AppLovin from $630.00 to $450.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Needham & Company LLC restated a "hold" rating on shares of AppLovin in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. dropped their price target on AppLovin from $475.00 to $270.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus price target of $413.10.

AppLovin Stock Performance

Shares of APP traded up $45.68 during mid-day trading on Thursday, reaching $349.14. 5,921,737 shares of the company's stock were exchanged, compared to its average volume of 5,992,433. The business's fifty day simple moving average is $275.48 and its 200-day simple moving average is $308.12. AppLovin has a 52-week low of $60.67 and a 52-week high of $525.15. The stock has a market capitalization of $118.69 billion, a PE ratio of 76.90, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.45 by $0.22. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. The company's quarterly revenue was up 40.3% compared to the same quarter last year. During the same period last year, the firm earned $0.67 EPS. On average, equities research analysts expect that AppLovin will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, Director Herald Y. Chen sold 200,000 shares of AppLovin stock in a transaction on Friday, February 28th. The stock was sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the sale, the director now owns 621,209 shares of the company's stock, valued at $201,675,501.85. The trade was a 24.35 % 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 45,000 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the transaction, the chief executive officer now directly owns 2,914,492 shares of the company's stock, valued at approximately $1,230,527,667.32. The trade was a 1.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock valued at $106,401,841 over the last 90 days. 14.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in APP. Barclays PLC boosted its holdings in shares of AppLovin by 92.5% in the third quarter. Barclays PLC now owns 318,992 shares of the company's stock worth $41,643,000 after buying an additional 153,248 shares during the period. Diversified Trust Co raised its stake in AppLovin by 27.1% during the 4th quarter. Diversified Trust Co now owns 5,034 shares of the company's stock valued at $1,630,000 after purchasing an additional 1,072 shares during the period. Chicago Capital LLC acquired a new stake in shares of AppLovin in the fourth quarter worth $323,000. Graypoint LLC purchased a new position in shares of AppLovin during the fourth quarter valued at $369,000. Finally, Brookstone Capital Management purchased a new stake in AppLovin in the 4th quarter worth about $290,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.