AppLovin (NYSE:APP) Price Target Lowered to $65.00 at Morgan Stanley

AppLovin (NYSE:APPGet Rating) had its target price lowered by investment analysts at Morgan Stanley from $70.00 to $65.00 in a report issued on Monday, Stock Target Advisor reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 97.39% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. The Goldman Sachs Group dropped their price objective on shares of AppLovin from $65.00 to $58.00 in a report on Thursday. Oppenheimer dropped their price objective on shares of AppLovin from $100.00 to $74.00 and set an “outperform” rating on the stock in a report on Thursday, May 12th. Citigroup decreased their price target on AppLovin from $86.00 to $68.00 in a research report on Friday. Bank of America upgraded AppLovin from a “neutral” rating to a “buy” rating in a research report on Thursday, May 12th. Finally, Credit Suisse Group decreased their price target on AppLovin from $128.00 to $112.00 in a research report on Thursday, February 17th. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $84.43.

Shares of NYSE:APP traded down $3.18 during midday trading on Monday, reaching $32.93. The company had a trading volume of 59,776 shares, compared to its average volume of 2,296,074. The company’s 50 day moving average price is $41.40 and its 200 day moving average price is $60.82. The company has a current ratio of 2.93, a quick ratio of 2.93 and a debt-to-equity ratio of 1.59. The stock has a market cap of $12.38 billion, a P/E ratio of -172.89, a P/E/G ratio of 4.67 and a beta of 3.05. AppLovin has a 52-week low of $27.04 and a 52-week high of $116.09.

In other AppLovin news, CMO Katie Kihorany Jansen sold 2,009 shares of the company’s stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $40.10, for a total value of $80,560.90. Following the completion of the sale, the chief marketing officer now owns 1,328,491 shares of the company’s stock, valued at $53,272,489.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Vasily Shikin sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $34.86, for a total value of $784,350.00. Following the completion of the sale, the chief technology officer now directly owns 2,667,035 shares of the company’s stock, valued at approximately $92,972,840.10. The disclosure for this sale can be found here. 12.78% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of AppLovin by 99.0% during the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after purchasing an additional 488 shares during the period. Captrust Financial Advisors boosted its stake in shares of AppLovin by 1,951.2% during the third quarter. Captrust Financial Advisors now owns 841 shares of the company’s stock valued at $61,000 after purchasing an additional 800 shares during the period. Royal Bank of Canada purchased a new stake in shares of AppLovin during the second quarter valued at approximately $62,000. Quantbot Technologies LP purchased a new stake in shares of AppLovin during the first quarter valued at approximately $74,000. Finally, Covestor Ltd purchased a new stake in shares of AppLovin during the first quarter valued at approximately $116,000. 43.30% of the stock is owned by hedge funds and other institutional investors.

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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