AppLovin (NASDAQ:APP) Given New $386.00 Price Target at Wells Fargo & Company

AppLovin (NASDAQ:APP - Get Free Report) had its price objective reduced by analysts at Wells Fargo & Company from $538.00 to $386.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 54.43% from the stock's current price.

APP has been the subject of a number of other reports. Oppenheimer reiterated an "outperform" rating and issued a $560.00 target price on shares of AppLovin in a report on Thursday, March 27th. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research report on Monday, March 17th. JPMorgan Chase & Co. lifted their price target on shares of AppLovin from $325.00 to $475.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Piper Sandler increased their price objective on shares of AppLovin from $400.00 to $575.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Finally, FBN Securities initiated coverage on AppLovin in a research report on Friday, March 28th. They issued an "outperform" rating and a $385.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AppLovin currently has an average rating of "Moderate Buy" and a consensus target price of $424.84.

AppLovin Trading Down 5.3 %

NASDAQ:APP traded down $13.88 during mid-day trading on Tuesday, hitting $249.95. 8,949,643 shares of the company's stock were exchanged, compared to its average volume of 5,751,052. AppLovin has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $84.97 billion, a P/E ratio of 55.06, a PEG ratio of 3.02 and a beta of 2.39. The company has a 50 day simple moving average of $327.20 and a 200-day simple moving average of $293.41.

AppLovin (NASDAQ:APP - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating 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%. As a group, research analysts expect that AppLovin will post 6.87 earnings per share for the current year.

Insider Transactions at AppLovin

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total value of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares of the company's stock, valued at approximately $1,230,527,667.32. This represents a 1.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 17,500 shares of the stock in a transaction on 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 sale, the chief technology officer now directly owns 88,389 shares of the company's stock, valued at approximately $21,359,201.85. This trade represents a 16.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 306,900 shares of company stock worth $106,401,841 in the last quarter. Company insiders own 14.69% of the company's stock.

Institutional Investors Weigh In On AppLovin

Several large investors have recently made changes to their positions in APP. GHP Investment Advisors Inc. purchased a new position in shares of AppLovin in the fourth quarter valued at $25,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin in the 4th quarter worth $25,000. Riverview Trust Co raised its position in shares of AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after buying an additional 82 shares in the last quarter. Tucker Asset Management LLC purchased a new position in AppLovin in the fourth quarter worth about $28,000. Finally, Hemington Wealth Management increased its stake in AppLovin by 78.4% during the fourth quarter. Hemington Wealth Management now owns 91 shares of the company's stock worth $29,000 after acquiring an additional 40 shares during the last quarter. 41.85% of the stock is owned by institutional investors.

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.