AppLovin (NYSE:APP) PT Lowered to $60.00 at BTIG Research

AppLovin (NYSE:APPGet Rating) had its price objective reduced by stock analysts at BTIG Research from $103.00 to $60.00 in a research report issued on Thursday, The Fly reports. BTIG Research’s price objective would suggest a potential upside of 119.94% from the stock’s current price.

Several other brokerages also recently issued reports on APP. The Goldman Sachs Group started coverage on shares of AppLovin in a research report on Tuesday, April 19th. They set a “buy” rating and a $68.00 price objective on the stock. Citigroup dropped their price target on AppLovin from $112.00 to $86.00 in a research report on Tuesday, February 22nd. DA Davidson decreased their price objective on AppLovin from $100.00 to $80.00 in a research report on Thursday. Oppenheimer cut their price target on AppLovin from $100.00 to $74.00 in a research note on Thursday. Finally, Credit Suisse Group decreased their price target on AppLovin from $128.00 to $112.00 in a report on Thursday, February 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $89.20.

NYSE APP opened at $27.28 on Thursday. The firm’s fifty day moving average price is $46.90 and its 200 day moving average price is $70.66. AppLovin has a 12 month low of $27.04 and a 12 month high of $116.09. 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 price-to-earnings ratio of 389.77.

AppLovin (NYSE:APPGet Rating) last released its quarterly earnings results on Wednesday, February 16th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.03). The firm had revenue of $793.00 million for the quarter, compared to analysts’ expectations of $776.38 million. AppLovin had a return on equity of 2.43% and a net margin of 1.23%. The business’s revenue was up 55.6% on a year-over-year basis. As a group, sell-side analysts forecast that AppLovin will post 0.38 earnings per share for the current year.

In other news, CMO Katie Kihorany Jansen sold 17,000 shares of the company’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $58.71, for a total value of $998,070.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 2nd. The stock was sold at an average price of $58.26, for a total transaction of $1,310,850.00. The disclosure for this sale can be found here.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vulcan Value Partners LLC purchased a new position in shares of AppLovin in the 4th quarter worth about $914,943,000. Spruce House Investment Management LLC increased its holdings in AppLovin by 78.6% in the 3rd quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company’s stock valued at $361,850,000 after purchasing an additional 2,200,000 shares in the last quarter. Spyglass Capital Management LLC purchased a new position in AppLovin in the third quarter valued at about $139,011,000. Goldman Sachs Group Inc. lifted its stake in shares of AppLovin by 32,882.5% during the third quarter. Goldman Sachs Group Inc. now owns 1,190,670 shares of the company’s stock worth $86,169,000 after purchasing an additional 1,187,060 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of AppLovin by 39.4% in the third quarter. BlackRock Inc. now owns 4,024,120 shares of the company’s stock worth $291,226,000 after buying an additional 1,137,300 shares during the period. 43.30% of the stock is currently owned by institutional investors and hedge funds.

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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