AppLovin Co. (NYSE:APP) Receives $78.15 Average Price Target from Analysts

Shares of AppLovin Co. (NYSE:APP) have earned a consensus recommendation of “Buy” from the fourteen analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $78.15.

A number of brokerages recently issued reports on APP. Morgan Stanley raised shares of AppLovin from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $68.00 to $60.00 in a research report on Monday, August 16th. Macquarie started coverage on shares of AppLovin in a research note on Tuesday, August 31st. They set an “outperform” rating and a $90.00 price objective for the company. Citigroup raised their price objective on shares of AppLovin from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, June 4th. Finally, Stifel Nicolaus upgraded shares of AppLovin from a “hold” rating to a “buy” rating and raised their price objective for the company from $65.00 to $90.00 in a research note on Thursday, September 9th.

In other AppLovin news, CFO Herald Y. Chen bought 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 17th. The stock was bought at an average cost of $60.00 per share, for a total transaction of $1,500,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder John Krystynak sold 12,800 shares of the business’s stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $80.10, for a total transaction of $1,025,280.00. Following the sale, the insider now owns 23,900,058 shares of the company’s stock, valued at $1,914,394,645.80. The disclosure for this sale can be found here. Insiders sold 129,369 shares of company stock valued at $9,282,809 over the last quarter.

Large investors have recently modified their holdings of the business. Banque Cantonale Vaudoise purchased a new position in AppLovin during the second quarter valued at approximately $38,000. Steward Partners Investment Advisory LLC purchased a new position in AppLovin during the second quarter valued at approximately $52,000. Royal Bank of Canada purchased a new position in AppLovin during the second quarter valued at approximately $62,000. Sandy Spring Bank purchased a new position in AppLovin during the second quarter valued at approximately $75,000. Finally, Citigroup Inc. purchased a new position in AppLovin during the second quarter valued at approximately $102,000. 35.80% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE APP opened at $75.63 on Friday. AppLovin has a 1 year low of $49.41 and a 1 year high of $90.03. The company’s 50-day simple moving average is $66.59. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.85 and a quick ratio of 2.85.

AppLovin (NYSE:APP) last issued its quarterly earnings results on Tuesday, August 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). As a group, research analysts forecast that AppLovin will post 0.26 earnings per share for the current fiscal year.

About AppLovin

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps worldwide. The company's software solutions include AppDiscovery, a solution to automate, optimize, and manage user acquisition investments for business clients; and MAX, an in-app bidding solution that optimizes purchases of app ad inventory.

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Analyst Recommendations for AppLovin (NYSE:APP)

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