AppLovin (NASDAQ:APP) Price Target Cut to $335.00 by Analysts at The Goldman Sachs Group

AppLovin (NASDAQ:APP) had its price objective decreased by equities researchers at The Goldman Sachs Group from $500.00 to $335.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 40.17% from the stock’s previous close.

Several other brokerages have also weighed in on APP. Loop Capital restated a “buy” rating and set a $650.00 target price on shares of AppLovin in a research report on Friday, March 28th. Piper Sandler lowered their price target on AppLovin from $575.00 to $425.00 and set an “overweight” rating on the stock in a report on Thursday. Citigroup lifted their price objective on AppLovin from $460.00 to $600.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Morgan Stanley raised AppLovin from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $470.00 to $350.00 in a report on Thursday. Finally, Wells Fargo & Company cut their price target on AppLovin from $538.00 to $386.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $424.84.

AppLovin Stock Performance

Shares of APP traded down $10.95 during midday trading on Monday, reaching $239.00. 4,502,613 shares of the stock were exchanged, compared to its average volume of 5,759,578. AppLovin has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The company has a market capitalization of $81.25 billion, a price-to-earnings ratio of 52.64, a PEG ratio of 3.02 and a beta of 2.39. The business’s 50-day moving average price is $327.20 and its 200 day moving average price is $294.56.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, sell-side analysts expect that AppLovin will post 6.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Vasily Shikin sold 17,500 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $241.65, for a total value of $4,228,875.00. Following the transaction, the chief technology officer now owns 88,389 shares in the company, valued at approximately $21,359,201.85. The trade was a 16.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Herald Y. Chen sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $324.65, for a total value of $64,930,000.00. Following the sale, the director now owns 621,209 shares of the company’s stock, valued at approximately $201,675,501.85. This trade represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 306,900 shares of company stock valued at $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several large investors have recently modified their holdings of APP. GHP Investment Advisors Inc. bought a new position in AppLovin during the 4th quarter worth approximately $25,000. Fuller & Thaler Asset Management Inc. acquired a new position in AppLovin in the fourth quarter worth $25,000. Riverview Trust Co increased its stake in AppLovin by 1,640.0% during the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC acquired a new stake in shares of AppLovin during the fourth quarter worth $28,000. Finally, Hemington Wealth Management boosted its holdings in shares of AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares during the period. Institutional investors own 41.85% of the company’s stock.

AppLovin Company Profile

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.