AppLovin (NASDAQ:APP) Price Target Raised to $155.00 at Citigroup

AppLovin (NASDAQ:APP) had its price target upped by research analysts at Citigroup from $110.00 to $155.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 25.30% from the company’s current price.

Several other analysts have also issued reports on the stock. Jefferies Financial Group upped their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. BTIG Research upped their target price on shares of AppLovin from $114.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Benchmark upped their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research note on Friday, August 23rd. Wedbush cut their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $100.00 to $145.00 in a report on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.09.

AppLovin Stock Up 0.4 %

APP stock traded up $0.54 during midday trading on Thursday, reaching $123.70. 2,721,205 shares of the company’s stock traded hands, compared to its average volume of 4,174,679. The company has a market cap of $40.70 billion, a price-to-earnings ratio of 73.63, a P/E/G ratio of 1.41 and a beta of 1.88. The firm’s fifty day moving average price is $86.26 and its 200-day moving average price is $79.52. 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 has a 52 week low of $34.45 and a 52 week high of $128.19.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.12. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. AppLovin’s quarterly revenue was up 44.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, sell-side analysts forecast that AppLovin will post 3.46 earnings per share for the current fiscal year.

Insider Transactions at AppLovin

In other news, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the sale, the director now directly owns 10,247 shares of the company’s stock, valued at $900,711.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Victoria Valenzuela sold 47,001 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the transaction, the insider now directly owns 390,615 shares in the company, valued at $33,225,711.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total transaction of $131,850.00. Following the completion of the transaction, the director now owns 10,247 shares in the company, valued at $900,711.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 775,934 shares of company stock valued at $65,805,022. 14.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. American Trust grew its position in AppLovin by 44.7% during the second quarter. American Trust now owns 8,030 shares of the company’s stock valued at $668,000 after acquiring an additional 2,480 shares during the last quarter. Sanctuary Advisors LLC bought a new position in AppLovin during the second quarter valued at approximately $241,000. Clearbridge Investments LLC grew its position in AppLovin by 73.0% during the second quarter. Clearbridge Investments LLC now owns 893,344 shares of the company’s stock valued at $74,344,000 after acquiring an additional 376,835 shares during the last quarter. Dana Investment Advisors Inc. grew its position in AppLovin by 5.6% during the second quarter. Dana Investment Advisors Inc. now owns 11,438 shares of the company’s stock valued at $952,000 after acquiring an additional 604 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in AppLovin by 115.3% during the second quarter. Cetera Investment Advisers now owns 30,619 shares of the company’s stock valued at $2,548,000 after acquiring an additional 16,397 shares during the last quarter. 41.85% of the stock is currently owned by institutional investors.

AppLovin Company Profile

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.