Equities research analysts at The Goldman Sachs Group initiated coverage on shares of AppLovin (NYSE:APP – Get Rating) in a report issued on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $68.00 price target on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 45.49% from the company’s current price.
Several other equities research analysts have also recently commented on APP. Cannonball Research began coverage on AppLovin in a research note on Monday, January 10th. They set a “buy” rating and a $107.00 target price for the company. Bank of America began coverage on AppLovin in a research note on Monday, January 31st. They issued a “neutral” rating and a $70.00 price objective for the company. BTIG Research reduced their price objective on AppLovin from $128.00 to $116.00 in a research note on Friday, February 11th. Zacks Investment Research cut AppLovin from a “hold” rating to a “sell” rating in a research note on Wednesday, February 23rd. Finally, Morgan Stanley reduced their price objective on AppLovin from $120.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, February 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $98.06.
NYSE APP opened at $46.74 on Tuesday. The business has a 50 day simple moving average of $55.55 and a 200 day simple moving average of $76.30. AppLovin has a one year low of $43.08 and a one year high of $116.09. The stock has a market capitalization of $17.49 billion and a P/E ratio of 667.81. The company has a debt-to-equity ratio of 1.50, a current ratio of 5.05 and a quick ratio of 5.05.
In related news, CMO Katie Kihorany Jansen sold 17,000 shares of AppLovin stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $58.71, for a total transaction of $998,070.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Vasily Shikin sold 22,500 shares of AppLovin stock in a transaction on Wednesday, March 2nd. The stock was sold at an average price of $58.26, for a total value of $1,310,850.00. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of the stock. Walleye Capital LLC bought a new stake in AppLovin during the fourth quarter worth $799,000. Camden Capital LLC purchased a new stake in AppLovin in the fourth quarter worth $3,513,000. JustInvest LLC purchased a new stake in AppLovin in the fourth quarter worth $404,000. BlackRock Inc. increased its position in AppLovin by 22.5% in the fourth quarter. BlackRock Inc. now owns 4,927,590 shares of the company’s stock worth $464,475,000 after buying an additional 903,470 shares during the last quarter. Finally, Vulcan Value Partners LLC purchased a new stake in AppLovin in the fourth quarter worth $914,943,000. Institutional investors and hedge funds own 39.42% of the company’s stock.
AppLovin Company Profile (Get Rating)
AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.
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