AppLovin (NASDAQ:APP) Downgraded by The Goldman Sachs Group

by · The Cerbat Gem

AppLovin (NASDAQ:APP – Get Free Report) was downgraded by equities research analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, FinViz reports. They currently have a $150.00 price target on the stock, up from their previous price target of $103.00. The Goldman Sachs Group’s price objective would indicate a potential upside of 2.04% from the company’s current price.

Other analysts have also issued reports about the stock. Macquarie reissued an “outperform” rating and set a $150.00 target price (up from $115.00) on shares of AppLovin in a research note on Wednesday, September 25th. BTIG Research upped their price objective on shares of AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Benchmark increased their price objective on AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a report on Friday, August 23rd. Bank of America boosted their target price on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Citigroup raised their price target on AppLovin from $110.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, AppLovin presently has an average rating of “Moderate Buy” and an average target price of $110.01.

Read Our Latest Stock Analysis on AppLovin

AppLovin Price Performance

AppLovin stock opened at $147.00 on Monday. AppLovin has a 52 week low of $34.45 and a 52 week high of $147.60. The firm has a market capitalization of $49.13 billion, a PE ratio of 62.55, a P/E/G ratio of 2.07 and a beta of 1.92. The firm’s 50-day simple moving average is $104.70 and its 200 day simple moving average is $87.78. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27.

AppLovin (NASDAQ:APP – Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the company posted $0.22 earnings per share. The business’s revenue for the quarter was up 44.0% compared to the same quarter last year. On average, equities research analysts predict that AppLovin will post 3.46 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 60,615 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total value of $4,826,772.45. Following the transaction, the chief financial officer now owns 254,458 shares of the company’s stock, valued at approximately $20,262,490.54. This represents a 0.00 % 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. In other news, CMO Katie Kihorany Jansen sold 72,306 shares of AppLovin stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $83.71, for a total value of $6,052,735.26. Following the sale, the chief marketing officer now directly owns 1,092,090 shares in the company, valued at approximately $91,418,853.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 60,615 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $79.63, for a total transaction of $4,826,772.45. Following the transaction, the chief financial officer now directly owns 254,458 shares in the company, valued at approximately $20,262,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 610,094 shares of company stock valued at $51,022,478. Company insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP purchased a new position in AppLovin in the 4th quarter worth approximately $44,000. American Trust purchased a new stake in shares of AppLovin in the fourth quarter worth $215,000. Virtu Financial LLC purchased a new position in shares of AppLovin in the fourth quarter valued at about $764,000. EP Wealth Advisors LLC grew its holdings in AppLovin by 22.0% during the 4th quarter. EP Wealth Advisors LLC now owns 10,204 shares of the company’s stock valued at $407,000 after buying an additional 1,840 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in AppLovin by 1,642.4% in the 4th quarter. Wellington Management Group LLP now owns 182,033 shares of the company’s stock worth $7,254,000 after purchasing an additional 171,586 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

AppLovin Company Profile

(Get Free Report)

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.

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