AppLovin (NASDAQ:APP) Price Target Cut to $440.00 by Analysts at Benchmark

AppLovin (NASDAQ:APP) had its target price cut by equities researchers at Benchmark from $500.00 to $440.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 39.49% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Raymond James Financial assumed coverage on AppLovin in a report on Monday, June 29th. They set a “strong-buy” rating and a $640.00 price objective on the stock. Phillip Securities raised AppLovin from a “moderate buy” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. upped their price target on AppLovin from $500.00 to $515.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Bank of America reissued a “neutral” rating and set a $400.00 price objective (down from $430.00) on shares of AppLovin in a report on Tuesday, August 11th. Finally, Citigroup reduced their target price on shares of AppLovin from $710.00 to $650.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $563.18.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $315.44 on Monday. The firm has a market capitalization of $105.56 billion, a PE ratio of 24.25, a PEG ratio of 0.63 and a beta of 2.54. The company has a current ratio of 4.30, a quick ratio of 4.30 and a debt-to-equity ratio of 1.11. AppLovin has a 1-year low of $303.17 and a 1-year high of $745.61. The business’s 50 day moving average is $447.84 and its 200-day moving average is $455.50.

AppLovin (NASDAQ:APP) last issued its earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the business earned $2.39 earnings per share. AppLovin’s quarterly revenue was up 52.8% compared to the same quarter last year. Sell-side analysts predict that AppLovin will post 15.57 earnings per share for the current year.

Insider Activity

In related news, Director Maynard G. Webb, Jr. sold 3,076 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $521.29, for a total value of $1,603,488.04. Following the completion of the sale, the director owned 120,444 shares of the company’s stock, valued at $62,786,252.76. This trade represents a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $565.89, for a total value of $11,317,800.00. Following the completion of the transaction, the insider owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 393,000 shares of company stock worth $197,297,363. 12.81% of the stock is currently owned by insiders.

Institutional Trading of AppLovin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC bought a new stake in shares of AppLovin during the first quarter worth approximately $25,000. Washington Trust Advisors Inc. grew its holdings in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares during the period. Mcguire Capital Advisors Inc. bought a new stake in shares of AppLovin during the 4th quarter valued at $27,000. Pioneer Family Office LLC acquired a new position in shares of AppLovin in the 2nd quarter valued at $31,000. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of AppLovin in the 4th quarter valued at $32,000. 41.85% of the stock is owned by institutional investors.

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.