BTIG Research Cuts AppLovin (NASDAQ:APP) Price Target to $396.00

AppLovin (NASDAQ:APP) had its price objective cut by equities researchers at BTIG Research from $408.00 to $396.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price points to a potential upside of 23.53% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the stock. Raymond James Financial assumed coverage on shares of AppLovin in a research note on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price target for the company. Royal Bank Of Canada reduced their target price on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Scotiabank reaffirmed a “sector outperform” rating and issued a $515.00 target price on shares of AppLovin in a research report on Thursday, August 6th. The Goldman Sachs Group lowered their price target on shares of AppLovin from $585.00 to $465.00 and set a “neutral” rating on the stock in a research note on Thursday, August 6th. Finally, Citigroup cut their price target on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $538.09.

AppLovin Stock Performance

Shares of AppLovin stock opened at $320.56 on Tuesday. The firm has a market cap of $107.28 billion, a price-to-earnings ratio of 24.64, a price-to-earnings-growth ratio of 0.68 and a beta of 2.49. The stock’s 50-day moving average is $391.02 and its 200-day moving average is $440.23. AppLovin has a one year low of $297.50 and a one year high of $745.61. The company has a debt-to-equity ratio of 1.11, a current ratio of 4.30 and a quick ratio of 4.30.

AppLovin (NASDAQ:APP) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period last year, the company earned $2.39 earnings per share. AppLovin’s quarterly revenue was up 52.8% on a year-over-year basis. Equities analysts predict that AppLovin will post 15.53 earnings per share for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Foroughi sold 22,544 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $494.98, for a total value of $11,158,829.12. Following the sale, the chief executive officer directly owned 2,327,684 shares of the company’s stock, valued at approximately $1,152,157,026.32. This represents a 0.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the completion of the sale, the director owned 6,785,087 shares of the company’s stock, valued at $3,420,090,953.22. This trade represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 271,152 shares of company stock worth $135,295,830 over the last quarter. 12.81% of the stock is currently owned by insiders.

Institutional Trading of AppLovin

Hedge funds have recently made changes to their positions in the business. Signature Estate & Investment Advisors LLC lifted its holdings in shares of AppLovin by 3,695.3% during the second quarter. Signature Estate & Investment Advisors LLC now owns 76,361 shares of the company’s stock worth $39,345,000 after buying an additional 74,349 shares in the last quarter. Insight Wealth Strategies LLC acquired a new position in shares of AppLovin in the second quarter valued at about $6,939,000. Generate Investment Management Ltd acquired a new position in shares of AppLovin in the second quarter valued at about $7,226,000. Asset Management One Co. Ltd. increased its position in AppLovin by 6.5% during the second quarter. Asset Management One Co. Ltd. now owns 105,909 shares of the company’s stock worth $54,567,000 after acquiring an additional 6,424 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in AppLovin in the 2nd quarter worth about $730,015,000. 41.85% of the stock is owned by institutional investors and hedge funds.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.