AppLovin (NASDAQ:APP) Price Target Cut to $386.00 by Analysts at Wells Fargo & Company

AppLovin (NASDAQ:APP) had its price target decreased by research analysts at Wells Fargo & Company from $538.00 to $386.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 64.06% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Loop Capital reissued a “buy” rating and issued a $650.00 price objective on shares of AppLovin in a report on Friday, March 28th. Jefferies Financial Group increased their target price on AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Benchmark lifted their target price on shares of AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. UBS Group raised their price target on shares of AppLovin from $440.00 to $630.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC restated a “hold” rating on shares of AppLovin in a report on Monday, March 17th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and a consensus price target of $427.47.

AppLovin Stock Up 1.3 %

APP traded up $3.06 during trading hours on Tuesday, hitting $235.28. 10,771,911 shares of the company’s stock were exchanged, compared to its average volume of 5,654,434. AppLovin has a 1-year low of $60.67 and a 1-year high of $525.15. The stock has a market cap of $79.99 billion, a price-to-earnings ratio of 51.82, a PEG ratio of 3.02 and a beta of 2.39. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock’s 50-day moving average is $340.67 and its two-hundred day moving average is $290.34.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Sell-side analysts predict that AppLovin will post 6.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the transaction, the chief technology officer now directly owns 88,389 shares in the company, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Arash Adam Foroughi sold 45,000 shares of AppLovin stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the transaction, the chief executive officer now directly owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This represents a 1.52 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several institutional investors have recently added to or reduced their stakes in APP. JFS Wealth Advisors LLC lifted its stake in AppLovin by 38.2% in the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. HighPoint Advisor Group LLC raised its stake in AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after acquiring an additional 31 shares during the period. Quadrant Capital Group LLC lifted its holdings in AppLovin by 6.7% during the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock valued at $170,000 after purchasing an additional 33 shares during the last quarter. Forum Financial Management LP increased its stake in shares of AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock worth $1,223,000 after purchasing an additional 33 shares in the last quarter. Finally, Truvestments Capital LLC increased its stake in shares of AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company’s stock worth $1,696,000 after purchasing an additional 38 shares in the last quarter. 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.