AppLovin (NASDAQ:APP) Price Target Raised to $575.00

AppLovin (NASDAQ:APP) had its price target raised by investment analysts at Wells Fargo & Company from $571.00 to $575.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 5.74% from the stock’s current price.

APP has been the subject of several other reports. KeyCorp set a $775.00 target price on shares of AppLovin in a report on Wednesday, June 10th. Benchmark reissued a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. BTIG Research restated a “buy” rating and set a $640.00 price target on shares of AppLovin in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Finally, Weiss Ratings downgraded shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $668.45.

AppLovin Stock Up 3.2%

Shares of APP opened at $543.79 on Tuesday. The company has a market capitalization of $182.68 billion, a price-to-earnings ratio of 46.72, a PEG ratio of 0.85 and a beta of 2.49. AppLovin has a 52 week low of $332.32 and a 52 week high of $745.61. The stock’s 50-day moving average price is $503.63 and its 200-day moving average price is $502.64. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. AppLovin had a return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the business earned $1.67 earnings per share. AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. On average, sell-side analysts predict that AppLovin will post 15.96 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, CTO Vasily Shikin sold 62,804 shares of AppLovin stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $484.42, for a total value of $30,423,513.68. Following the sale, the chief technology officer owned 3,189,739 shares in the company, valued at $1,545,173,366.38. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eduardo Vivas sold 163,910 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This represents a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 389,924 shares of company stock valued at $195,693,875. Insiders own 13.66% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after acquiring an additional 6,237,051 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in AppLovin by 3,118.6% in the 4th quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after purchasing an additional 4,063,763 shares in the last quarter. Norges Bank acquired a new stake in AppLovin during the 4th quarter worth $2,040,321,000. Capital Research Global Investors purchased a new stake in shares of AppLovin during the third quarter worth $743,899,000. Finally, Northern Trust Corp grew its holdings in shares of AppLovin by 46.8% during the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock worth $1,706,144,000 after buying an additional 756,660 shares in the last quarter. Hedge funds and other institutional investors 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.