AppLovin (NASDAQ:APP) Price Target Raised to $360.00

AppLovin (NASDAQ:APP) had its price target raised by Wells Fargo & Company from $250.00 to $360.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Daiwa America upgraded AppLovin from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Macquarie increased their target price on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. BTIG Research lifted their price objective on shares of AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Bank of America upped their target price on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, The Goldman Sachs Group downgraded AppLovin from a “buy” rating to a “neutral” rating and lifted their price target for the company from $103.00 to $150.00 in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $222.96.

AppLovin Stock Up 4.7 %

NASDAQ:APP opened at $333.31 on Wednesday. The stock has a fifty day simple moving average of $181.30 and a 200-day simple moving average of $117.41. 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 company has a market cap of $111.86 billion, a price-to-earnings ratio of 101.00, a price-to-earnings-growth ratio of 3.92 and a beta of 1.86. AppLovin has a twelve month low of $35.79 and a twelve month high of $342.51.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.33. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 EPS. Analysts anticipate that AppLovin will post 4.05 EPS for the current year.

Insiders Place Their Bets

In other AppLovin news, CFO Matthew Stumpf sold 21,101 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $332.67, for a total transaction of $7,019,669.67. Following the sale, the chief financial officer now owns 213,336 shares in the company, valued at approximately $70,970,487.12. The trade was a 9.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at approximately $291,115,402.32. The trade was a 5.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 854,065 shares of company stock valued at $233,072,408. Insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Several institutional investors and hedge funds have recently bought and sold shares of APP. SOA Wealth Advisors LLC. purchased a new position in shares of AppLovin during the 3rd quarter valued at about $59,000. Virtu Financial LLC purchased a new position in AppLovin during the third quarter valued at approximately $3,211,000. Invst LLC lifted its holdings in AppLovin by 23.2% in the third quarter. Invst LLC now owns 6,812 shares of the company’s stock valued at $889,000 after acquiring an additional 1,284 shares during the period. TD Private Client Wealth LLC boosted its position in AppLovin by 272.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 305 shares of the company’s stock worth $40,000 after purchasing an additional 223 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of AppLovin by 38.8% during the 3rd quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock worth $3,286,000 after purchasing an additional 7,039 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.