AppLovin (NYSE:APP) Price Target Cut to $21.00

AppLovin (NYSE:APPGet Rating) had its price objective reduced by The Goldman Sachs Group from $33.00 to $21.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 91.96% from the company’s previous close.

APP has been the topic of several other reports. BTIG Research cut shares of AppLovin from a “buy” rating to a “neutral” rating in a research note on Thursday, December 8th. Morgan Stanley decreased their price target on shares of AppLovin from $20.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Wedbush started coverage on shares of AppLovin in a research note on Thursday, October 13th. They set an “outperform” rating and a $26.00 price target on the stock. Credit Suisse Group decreased their price target on shares of AppLovin from $63.00 to $57.00 and set an “outperform” rating on the stock in a research note on Thursday, November 10th. Finally, Jefferies Financial Group started coverage on shares of AppLovin in a research note on Wednesday, November 30th. They set a “hold” rating and a $14.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.13.

AppLovin Stock Performance

Shares of APP opened at $10.94 on Thursday. The company has a 50-day simple moving average of $11.54 and a 200-day simple moving average of $20.89. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $4.07 billion, a PE ratio of -47.56, a P/E/G ratio of 1.89 and a beta of 1.76. AppLovin has a 52-week low of $9.14 and a 52-week high of $76.38.

AppLovin (NYSE:APPGet Rating) last announced its quarterly earnings results on Wednesday, November 9th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). AppLovin had a negative net margin of 2.82% and a positive return on equity of 5.09%. The company had revenue of $713.10 million during the quarter, compared to analysts’ expectations of $732.79 million. Equities research analysts predict that AppLovin will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Arash Adam Foroughi sold 373,667 shares of AppLovin stock in a transaction on Monday, December 5th. The shares were sold at an average price of $13.19, for a total value of $4,928,667.73. Following the completion of the sale, the chief executive officer now owns 1,375,444 shares in the company, valued at $18,142,106.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other AppLovin news, CTO Vasily Shikin sold 379,088 shares of the business’s stock in a transaction on Monday, November 28th. The shares were sold at an average price of $13.65, for a total transaction of $5,174,551.20. Following the completion of the sale, the chief technology officer now owns 2,129,745 shares in the company, valued at $29,071,019.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 373,667 shares of the business’s stock in a transaction on Monday, December 5th. The shares were sold at an average price of $13.19, for a total transaction of $4,928,667.73. Following the sale, the chief executive officer now owns 1,375,444 shares of the company’s stock, valued at approximately $18,142,106.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,179,525 shares of company stock worth $40,038,628. Insiders own 12.78% of the company’s stock.

Institutional Trading of AppLovin

Several institutional investors have recently added to or reduced their stakes in APP. JPMorgan Chase & Co. boosted 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 valued at $54,000 after acquiring an additional 488 shares during the period. Raymond James & Associates boosted its holdings in shares of AppLovin by 109.0% during the first quarter. Raymond James & Associates now owns 57,743 shares of the company’s stock valued at $3,180,000 after acquiring an additional 30,112 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of AppLovin by 21.6% during the first quarter. Bank of New York Mellon Corp now owns 39,124 shares of the company’s stock valued at $2,155,000 after acquiring an additional 6,942 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of AppLovin by 43.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,425 shares of the company’s stock valued at $519,000 after acquiring an additional 2,858 shares during the period. Finally, Citigroup Inc. boosted its holdings in shares of AppLovin by 802.0% during the first quarter. Citigroup Inc. now owns 22,749 shares of the company’s stock valued at $1,253,000 after acquiring an additional 20,227 shares during the period. Institutional investors own 38.19% 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.

Featured Stories

Analyst Recommendations for AppLovin (NYSE:APP)

Receive News & Ratings for AppLovin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AppLovin and related companies with MarketBeat.com's FREE daily email newsletter.