AppLovin (NYSE:APP) Now Covered by Analysts at The Goldman Sachs Group

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.

AppLovin (NYSE:APP – Get Rating) last released its earnings results on Wednesday, February 16th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.03). AppLovin had a return on equity of 2.43% and a net margin of 1.23%. The business had revenue of $793.00 million for the quarter, compared to analyst estimates of $776.38 million. The firm’s quarterly revenue was up 55.6% compared to the same quarter last year. Equities analysts expect that AppLovin will post 0.21 earnings per share for the current year.

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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