AppLovin (NYSE:APP) Price Target Cut to $17.00 by Analysts at Truist Financial

AppLovin (NYSE:APP – Get Rating) had its price objective cut by equities research analysts at Truist Financial from $29.00 to $17.00 in a research report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 25.74% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Citigroup reduced their price objective on AppLovin from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, February 14th. Benchmark raised their price target on AppLovin from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, February 9th. Oppenheimer lifted their target price on AppLovin from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, February 9th. JPMorgan Chase & Co. started coverage on shares of AppLovin in a research note on Thursday, November 17th. They issued a “neutral” rating and a $18.00 target price for the company. Finally, Morgan Stanley boosted their price objective on shares of AppLovin from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, AppLovin presently has a consensus rating of “Hold” and a consensus price target of $26.18.

AppLovin Trading Down 1.7 %

Shares of NYSE APP opened at $13.52 on Friday. The company has a quick ratio of 3.35, a current ratio of 3.35 and a debt-to-equity ratio of 1.68. The stock’s 50 day moving average price is $13.07 and its two-hundred day moving average price is $15.31. The stock has a market capitalization of $5.09 billion, a P/E ratio of 75.50, a PEG ratio of 2.82 and a beta of 1.85. AppLovin has a 52-week low of $9.14 and a 52-week high of $58.27.

Insider Buying and Selling

In related news, insider Victoria Valenzuela sold 65,167 shares of the stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $13.41, for a total value of $873,889.47. Following the completion of the transaction, the insider now owns 848,054 shares of the company’s stock, valued at approximately $11,372,404.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Victoria Valenzuela sold 65,167 shares of the stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $13.41, for a total value of $873,889.47. Following the completion of the transaction, the insider now owns 848,054 shares of the company’s stock, valued at approximately $11,372,404.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CMO Katie Kihorany Jansen sold 65,155 shares of the stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $13.78, for a total transaction of $897,835.90. Following the completion of the transaction, the chief marketing officer now directly owns 1,564,539 shares of the company’s stock, valued at approximately $21,559,347.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 155,322 shares of company stock worth $2,140,975. Corporate insiders own 12.78% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several institutional investors and hedge funds have recently added to or reduced their stakes in APP. Blair William & Co. IL increased its holdings in AppLovin by 5.4% in the first quarter. Blair William & Co. IL now owns 7,552 shares of the company’s stock valued at $416,000 after purchasing an additional 386 shares during the period. JPMorgan Chase & Co. increased its holdings in AppLovin by 99.0% in the first quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after purchasing an additional 488 shares during the period. Hsbc Holdings PLC increased its holdings in AppLovin by 8.5% in the third quarter. Hsbc Holdings PLC now owns 12,637 shares of the company’s stock valued at $250,000 after purchasing an additional 985 shares during the period. Eaton Vance Management raised its stake in AppLovin by 4.0% during the third quarter. Eaton Vance Management now owns 26,651 shares of the company’s stock worth $520,000 after buying an additional 1,023 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in AppLovin by 10.6% during the first quarter. PNC Financial Services Group Inc. now owns 10,673 shares of the company’s stock worth $587,000 after buying an additional 1,027 shares during the last quarter. Institutional investors own 38.19% of the company’s stock.

AppLovin Company Profile

(Get Rating)

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.