Wells Fargo & Company Cuts AppLovin (NASDAQ:APP) Price Target to $386.00

AppLovin (NASDAQ:APP) had its price objective lowered by Wells Fargo & Company from $538.00 to $386.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

APP has been the topic of several other research reports. Jefferies Financial Group increased their target price on shares of AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Arete Research set a $200.00 price objective on AppLovin in a report on Wednesday, March 5th. Oppenheimer reissued an “outperform” rating and issued a $560.00 target price on shares of AppLovin in a research note on Thursday, March 27th. Citigroup raised their price target on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler boosted their price objective on AppLovin from $400.00 to $575.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $434.32.

AppLovin Trading Down 4.0 %

Shares of APP stock opened at $263.83 on Tuesday. 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 firm has a market cap of $89.69 billion, a P/E ratio of 58.11, a price-to-earnings-growth ratio of 3.02 and a beta of 2.39. The business has a 50-day moving average price of $329.81 and a two-hundred day moving average price of $292.58. AppLovin has a 12-month low of $60.67 and a 12-month high of $525.15.

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

Insider Buying and Selling

In other news, Director Herald Y. Chen sold 200,000 shares of the business’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 sale, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. The trade was a 24.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total transaction of $4,228,875.00. Following the completion of the transaction, the chief technology officer now owns 88,389 shares of the company’s stock, valued at approximately $21,359,201.85. The trade was a 16.53 % 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 three months. Corporate insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Benjamin Edwards Inc. bought a new stake in shares of AppLovin in the 3rd quarter worth approximately $364,000. IHT Wealth Management LLC bought a new stake in AppLovin in the third quarter worth $316,000. Quantinno Capital Management LP grew its stake in shares of AppLovin by 146.6% in the third quarter. Quantinno Capital Management LP now owns 6,412 shares of the company’s stock worth $837,000 after acquiring an additional 3,812 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of AppLovin by 5.6% during the third quarter. Stifel Financial Corp now owns 117,501 shares of the company’s stock valued at $15,340,000 after acquiring an additional 6,188 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its position in shares of AppLovin by 18.3% in the 3rd quarter. EP Wealth Advisors LLC now owns 13,413 shares of the company’s stock worth $1,751,000 after purchasing an additional 2,071 shares during the last quarter. Hedge funds and other institutional investors 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.