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

Key Points

• BTIG Research lowered AppLovin’s price target from $408 to $396 but maintained a “buy” rating, implying 23.53% upside from the prior close.
• Analyst sentiment remains positive overall, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $538.09, despite several recent target cuts.
• AppLovin reported quarterly earnings in line with expectations at $3.76 per share, while revenue rose 52.8% year over year to $1.92 billion, slightly below consensus estimates.

AppLovin (NASDAQ:APP - Get Free Report) had its price target dropped by equities researchers at BTIG Research from $408.00 to $396.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's target price would indicate a potential upside of 23.53% from the company's previous close.

Several other brokerages also recently commented on APP. Royal Bank Of Canada reduced their target price on AppLovin from $700.00 to $575.00 and set an "outperform" rating on the stock in a report on Thursday, August 6th. William Blair set a $440.00 price objective on AppLovin in a research note on Monday, August 17th. Scotiabank restated a "sector outperform" rating and set a $515.00 target price on shares of AppLovin in a report on Thursday, August 6th. Benchmark cut their price target on AppLovin from $500.00 to $440.00 and set a "buy" rating for the company in a report on Monday, August 17th. Finally, Needham & Company LLC lowered their price objective on shares of AppLovin from $500.00 to $475.00 and set a "buy" rating for the company in a research report on Wednesday, August 26th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $538.09.

AppLovin Price Performance

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

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $3.76 EPS for the quarter, hitting the consensus estimate of $3.76. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.94 billion. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.AppLovin's revenue was up 52.8% on a year-over-year basis. During the same quarter last year, the company earned $2.39 EPS. As a group, research analysts expect that AppLovin will post 15.53 EPS for the current fiscal year.

Insider Activity

In other news, Director G Jr sold 3,076 shares of the firm's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $521.29, for a total value of $1,603,488.04. Following the transaction, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. This trade represents a 2.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Arash Foroughi sold 33,042 shares of AppLovin stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $486.95, for a total value of $16,089,801.90. Following the sale, the chief executive officer directly owned 2,369,351 shares of the company's stock, valued at approximately $1,153,755,469.45. This trade represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 271,152 shares of company stock valued at $135,295,830 in the last 90 days. 12.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of APP. Mcguire Capital Advisors Inc. acquired a new position in shares of AppLovin in the 4th quarter valued at $27,000. Osbon Capital Management LLC acquired a new position in AppLovin in the fourth quarter valued at about $36,000. IMA Advisory Services Inc. increased its holdings in shares of AppLovin by 185.7% in the fourth quarter. IMA Advisory Services Inc. now owns 60 shares of the company's stock worth $40,000 after acquiring an additional 39 shares in the last quarter. Pioneer Family Office LLC acquired a new stake in shares of AppLovin during the second quarter worth about $31,000. Finally, Swiss RE Ltd. bought a new position in shares of AppLovin during the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 41.85% of the company's stock.

AppLovin Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.