Wells Fargo & Company MN Increases Stock Holdings in AppLovin Co. (NASDAQ:APP)

Wells Fargo & Company MN grew its stake in AppLovin Co. (NASDAQ:APP) by 17.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 293,992 shares of the company’s stock after purchasing an additional 43,168 shares during the period. Wells Fargo & Company MN owned approximately 0.09% of AppLovin worth $95,204,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its holdings in AppLovin by 8.6% in the 3rd quarter. State Street Corp now owns 5,388,023 shares of the company’s stock valued at $703,406,000 after purchasing an additional 428,419 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of AppLovin by 38.8% in the 3rd quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock valued at $3,286,000 after buying an additional 7,039 shares during the period. Oxinas Partners Wealth Management LLC purchased a new stake in shares of AppLovin in the fourth quarter valued at approximately $1,081,000. Virtu Financial LLC acquired a new position in AppLovin during the third quarter worth $3,211,000. Finally, Franchise Capital Ltd purchased a new position in AppLovin in the fourth quarter worth $2,811,000. 41.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upped their price target on shares of AppLovin from $325.00 to $475.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Arete Research set a $200.00 target price on shares of AppLovin in a report on Wednesday, March 5th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Monday, March 17th. Jefferies Financial Group upped their price target on AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, UBS Group boosted their target price on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $435.47.

Insider Transactions at AppLovin

In related news, Director Herald Y. Chen sold 200,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $324.65, for a total transaction of $64,930,000.00. Following the completion of the sale, the director now directly owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the transaction, the chief technology officer now owns 88,389 shares in the company, valued at approximately $21,359,201.85. This represents a 16.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 306,900 shares of company stock worth $106,401,841 in the last ninety days. Insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

AppLovin stock opened at $232.22 on Tuesday. The stock has a fifty day moving average price of $340.67 and a 200 day moving average price of $290.34. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. AppLovin Co. has a 52 week low of $60.67 and a 52 week high of $525.15. The firm has a market capitalization of $78.95 billion, a P/E ratio of 51.15, a PEG ratio of 3.02 and a beta of 2.39.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. Equities research analysts anticipate that AppLovin Co. will post 6.87 earnings per share for the current year.

AppLovin 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.