Benchmark Cuts AppLovin (NASDAQ:APP) Price Target to $440.00

AppLovin (NASDAQ:APP) had its target price trimmed by Benchmark from $500.00 to $440.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC dropped their target price on AppLovin from $700.00 to $500.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Scotiabank restated a “sector outperform” rating and set a $515.00 price objective on shares of AppLovin in a research note on Thursday, August 6th. KeyCorp set a $775.00 price objective on shares of AppLovin in a report on Wednesday, June 10th. JPMorgan Chase & Co. increased their price objective on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada reduced their target price on shares of AppLovin from $700.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $556.43.

AppLovin Stock Performance

Shares of APP opened at $310.79 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 4.30 and a current ratio of 4.30. The stock has a 50-day moving average of $434.90 and a two-hundred day moving average of $450.39. The stock has a market cap of $104.01 billion, a P/E ratio of 23.89, a P/E/G ratio of 0.62 and a beta of 2.54. AppLovin has a one year low of $303.17 and a one year high of $745.61.

AppLovin (NASDAQ:APP) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $3.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.76. AppLovin had a return on equity of 193.10% and a net margin of 64.58%.The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the company earned $2.39 earnings per share. The company’s revenue was up 52.8% on a year-over-year basis. As a group, research analysts predict that AppLovin will post 15.57 EPS for the current year.

Insider Buying and Selling

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total value of $82,620,474.60. Following the sale, the director owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. This represents a 2.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Matthew Stumpf sold 9,052 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $600.00, for a total value of $5,431,200.00. Following the completion of the sale, the chief financial officer owned 177,450 shares in the company, valued at approximately $106,470,000. This represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 393,000 shares of company stock valued at $197,297,363 in the last three months. 12.81% of the stock is currently owned by company insiders.

Institutional Trading of AppLovin

A number of hedge funds have recently added to or reduced their stakes in APP. Northwestern Mutual Wealth Management Co. raised its position in shares of AppLovin by 12.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 133,659 shares of the company’s stock worth $68,865,000 after acquiring an additional 14,920 shares during the period. Rational Advisors Inc. grew its position in shares of AppLovin by 29.7% during the 2nd quarter. Rational Advisors Inc. now owns 4,423 shares of the company’s stock valued at $2,279,000 after acquiring an additional 1,012 shares during the period. Greenleaf Trust grew its position in shares of AppLovin by 5.8% during the 2nd quarter. Greenleaf Trust now owns 3,540 shares of the company’s stock valued at $1,824,000 after acquiring an additional 194 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of AppLovin by 7.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,735,471 shares of the company’s stock valued at $894,167,000 after purchasing an additional 121,605 shares in the last quarter. Finally, New Mexico Educational Retirement Board increased its stake in shares of AppLovin by 8.9% in the 2nd quarter. New Mexico Educational Retirement Board now owns 13,500 shares of the company’s stock valued at $6,956,000 after purchasing an additional 1,100 shares in the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.