Wells Fargo & Company Cuts AppLovin (NASDAQ:APP) Price Target to $325.00

AppLovin (NASDAQ:APP) had its target price lowered by Wells Fargo & Company from $357.00 to $325.00 in a report released on Wednesday morning, MarketBeat reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities research analysts have also recently weighed in on APP. Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Bank of America reiterated a “neutral” rating and issued a $400.00 target price (down from $430.00) on shares of AppLovin in a research note on Tuesday, August 11th. Piper Sandler downgraded shares of AppLovin from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $665.00 to $385.00 in a report on Thursday, August 6th. Royal Bank Of Canada decreased their price target on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Finally, UBS Group lowered their price target on shares of AppLovin from $798.00 to $790.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $553.83.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $305.77 on Wednesday. The company has a market capitalization of $102.33 billion, a price-to-earnings ratio of 23.50, a price-to-earnings-growth ratio of 0.62 and a beta of 2.54. AppLovin has a 52 week low of $298.00 and a 52 week high of $745.61. The company has a quick ratio of 4.30, a current ratio of 4.30 and a debt-to-equity ratio of 1.11. The firm has a 50 day moving average of $427.68 and a 200 day moving average of $448.23.

AppLovin (NASDAQ:APP) last posted its earnings results on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.76. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.AppLovin’s revenue was up 52.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.39 earnings per share. On average, sell-side analysts predict that AppLovin will post 15.57 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In related news, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the transaction, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Maynard G. Webb, Jr. sold 3,076 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the transaction, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. This represents a 2.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 303,280 shares of company stock worth $153,835,185. 12.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

Several hedge funds have recently modified their holdings of the stock. Washington Trust Advisors Inc. boosted its stake in AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 24 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new position in AppLovin during the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC purchased a new position in shares of AppLovin in the fourth quarter worth $32,000. Osbon Capital Management LLC purchased a new position in shares of AppLovin in the fourth quarter worth $36,000. Finally, Dogwood Wealth Management LLC lifted its stake in shares of AppLovin by 84.4% during the fourth quarter. Dogwood Wealth Management LLC now owns 59 shares of the company’s stock worth $40,000 after buying an additional 27 shares during the period. 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.