AppLovin (NYSE:APP) Price Target Cut to $77.00 by Analysts at Truist Financial

AppLovin (NYSE:APP – Get Rating) had its target price cut by analysts at Truist Financial from $90.00 to $77.00 in a research note issued to investors on Thursday, The Fly reports. Truist Financial’s price objective would indicate a potential upside of 182.26% from the company’s previous close.

APP has been the topic of a number of other reports. Oppenheimer dropped their target price on shares of AppLovin from $100.00 to $74.00 in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of AppLovin from $111.00 to $105.00 and set an “overweight” rating on the stock in a research note on Monday, February 14th. Bank of America dropped their price objective on shares of AppLovin from $70.00 to $43.00 and set a “neutral” rating on the stock in a research note on Tuesday. The Goldman Sachs Group started coverage on shares of AppLovin in a research note on Tuesday, April 19th. They set a “buy” rating and a $68.00 price objective on the stock. Finally, Morgan Stanley dropped their price objective on shares of AppLovin from $120.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, February 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $94.27.

Shares of APP stock opened at $27.28 on Thursday. The company has a debt-to-equity ratio of 1.50, a current ratio of 5.05 and a quick ratio of 5.05. The company has a market capitalization of $10.25 billion and a P/E ratio of 389.77. The company’s 50-day simple moving average is $46.90 and its two-hundred day simple moving average is $70.66. AppLovin has a one year low of $27.04 and a one year high of $116.09.

AppLovin (NYSE:APP – Get Rating) last issued its earnings results on Wednesday, February 16th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.03). The company had revenue of $793.00 million during the quarter, compared to the consensus estimate of $776.38 million. AppLovin had a return on equity of 2.43% and a net margin of 1.23%. The business’s quarterly revenue was up 55.6% on a year-over-year basis. On average, research analysts expect that AppLovin will post 0.38 EPS for the current fiscal year.

In other AppLovin news, CTO Vasily Shikin sold 22,500 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $58.26, for a total value of $1,310,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Katie Kihorany Jansen sold 17,000 shares of the firm’s 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 disclosure for this sale can be found here.

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada purchased a new position in shares of AppLovin during the second quarter worth $62,000. Captrust Financial Advisors raised its holdings in shares of AppLovin by 1,951.2% during the third quarter. Captrust Financial Advisors now owns 841 shares of the company’s stock worth $61,000 after purchasing an additional 800 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of AppLovin by 99.0% during the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock worth $54,000 after purchasing an additional 488 shares during the last quarter. Citigroup Inc. raised its holdings in shares of AppLovin by 38.0% during the third quarter. Citigroup Inc. now owns 1,875 shares of the company’s stock worth $136,000 after purchasing an additional 516 shares during the last quarter. Finally, Advisor Group Holdings Inc. increased its holdings in AppLovin by 55.1% in the fourth quarter. Advisor Group Holdings Inc. now owns 1,925 shares of the company’s stock valued at $182,000 after buying an additional 684 shares in the last quarter. 43.30% of the stock is owned by hedge funds and other institutional investors.

About AppLovin (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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