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

Key Points

• Wells Fargo raised its price target on AppLovin from $571 to $575 and kept an overweight rating, implying about 5.74% upside from the stock’s current price.
• Broader analyst sentiment remains positive, with AppLovin carrying an average rating of Moderate Buy and an average price target of $668.45.
• AppLovin recently posted strong quarterly results, beating EPS and revenue estimates, while revenue jumped 58.9% year over year; however, insiders have also been selling shares in recent months.

AppLovin (NASDAQ:APP - Get Free Report) had its price target boosted by analysts at Wells Fargo & Company from $571.00 to $575.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price target points to a potential upside of 5.74% from the stock's current price.

APP has been the topic of a number of other reports. Benchmark reaffirmed a "buy" rating on shares of AppLovin in a research report on Wednesday, June 10th. KeyCorp set a $775.00 target price on AppLovin in a research note on Wednesday, June 10th. JPMorgan Chase & Co. upped their target price on AppLovin from $500.00 to $515.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Raymond James Financial began coverage on AppLovin in a report on Monday, June 29th. They issued a "strong-buy" rating and a $640.00 price target for the company. Finally, Wedbush restated an "outperform" rating and set a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and an average price target of $668.45.

AppLovin Stock Performance

APP stock opened at $543.79 on Tuesday. The firm has a 50-day simple moving average of $503.63 and a two-hundred day simple moving average of $502.64. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. AppLovin has a one year low of $332.32 and a one year high of $745.61. The firm has a market cap of $182.68 billion, a price-to-earnings ratio of 46.72, a PEG ratio of 0.85 and a beta of 2.49.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin's revenue for the quarter was up 58.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.67 earnings per share. On average, equities analysts forecast that AppLovin will post 15.96 EPS for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $484.42, for a total transaction of $30,423,513.68. Following the completion of the sale, the chief technology officer owned 3,189,739 shares of the company's stock, valued at approximately $1,545,173,366.38. The trade was a 1.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Victoria Valenzuela sold 20,000 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the sale, the insider owned 243,961 shares in the company, valued at approximately $138,055,090.29. The trade was a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 389,924 shares of company stock worth $195,693,875 over the last three months. Corporate insiders own 13.66% of the company's stock.

Hedge Funds Weigh In On AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cassaday & Co Wealth Management LLC purchased a new position in AppLovin during the 1st quarter worth approximately $25,000. Board of the Pension Protection Fund purchased a new stake in shares of AppLovin in the 4th quarter valued at $27,000. Washington Trust Advisors Inc. increased its stake in shares of AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 24 shares during the period. Mcguire Capital Advisors Inc. acquired a new stake in shares of AppLovin in the fourth quarter worth $27,000. Finally, Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin during the fourth quarter worth $32,000. Institutional investors and hedge funds own 41.85% of the company's stock.

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.

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