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.
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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