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

AppLovin (NASDAQ:APP) had its target price reduced by equities researchers at The Goldman Sachs Group from $500.00 to $335.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 40.17% from the company’s current price.

A number of other research analysts have also commented on the company. Bank of America raised their price target on AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Benchmark boosted their price target on shares of AppLovin from $375.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. UBS Group decreased their price objective on shares of AppLovin from $630.00 to $450.00 and set a “buy” rating for the company in a report on Friday. Morgan Stanley raised AppLovin from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $470.00 to $350.00 in a report on Thursday. Finally, Piper Sandler decreased their price target on AppLovin from $575.00 to $425.00 and set an “overweight” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin currently has a consensus rating of “Moderate Buy” and a consensus price target of $424.84.

AppLovin Stock Performance

AppLovin stock traded down $10.95 during midday trading on Monday, reaching $239.00. 4,502,613 shares of the stock traded hands, compared to its average volume of 5,759,578. The firm has a fifty day moving average price of $327.20 and a two-hundred day moving average price of $294.56. AppLovin has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The firm has a market cap 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 company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. On average, equities research analysts forecast that AppLovin will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Arash Adam Foroughi sold 45,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $422.21, for a total transaction of $18,999,450.00. Following the completion of the sale, the chief executive officer now directly owns 2,914,492 shares in the company, valued at approximately $1,230,527,667.32. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 200,000 shares of the company’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 transaction of $64,930,000.00. Following the completion of the transaction, the director now owns 621,209 shares in the company, valued at approximately $201,675,501.85. This represents a 24.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 306,900 shares of company stock worth $106,401,841. Corporate insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Institutional investors and hedge funds have recently modified their holdings of the stock. JFS Wealth Advisors LLC grew its stake in AppLovin by 38.2% in the fourth quarter. JFS Wealth Advisors LLC now owns 105 shares of the company’s stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. HighPoint Advisor Group LLC grew its stake in shares of AppLovin by 1.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,822 shares of the company’s stock valued at $590,000 after buying an additional 31 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in AppLovin by 6.7% in the fourth quarter. Quadrant Capital Group LLC now owns 526 shares of the company’s stock worth $170,000 after buying an additional 33 shares during the last quarter. Forum Financial Management LP lifted its stake in AppLovin by 0.9% in the fourth quarter. Forum Financial Management LP now owns 3,776 shares of the company’s stock valued at $1,223,000 after acquiring an additional 33 shares during the last quarter. Finally, Truvestments Capital LLC lifted its stake in AppLovin by 0.7% in the fourth quarter. Truvestments Capital LLC now owns 5,236 shares of the company’s stock valued at $1,696,000 after acquiring an additional 38 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

About AppLovin

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.