Citigroup Raises AppLovin (NASDAQ:APP) Price Target to $335.00

AppLovin (NASDAQ:APP) had its price objective increased by Citigroup from $185.00 to $335.00 in a research note published on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

APP has been the subject of several other research reports. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Thursday, November 7th. Jefferies Financial Group lifted their price objective on AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. BTIG Research lifted their price objective on AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Wedbush reissued an “outperform” rating and issued a $270.00 price objective (up previously from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Finally, Stifel Nicolaus lifted their price objective on AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $222.96.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $325.22 on Monday. AppLovin has a 1-year low of $35.79 and a 1-year high of $342.51. The stock has a market cap of $109.14 billion, a PE ratio of 98.55, a price-to-earnings-growth ratio of 3.58 and a beta of 1.86. The stock’s fifty day simple moving average is $172.62 and its two-hundred day simple moving average is $113.92. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the firm posted $0.30 EPS. The business’s revenue was up 38.6% compared to the same quarter last year. As a group, analysts forecast that AppLovin will post 4.06 EPS for the current fiscal year.

Insider Activity at AppLovin

In related news, Director Dawson Alyssa Harvey sold 1,500 shares of the business’s stock in a transaction 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 trade was a 12.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Vasily Shikin sold 154,500 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $84.14, for a total value of $12,999,630.00. Following the transaction, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at approximately $381,192,483.70. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 221,376 shares of company stock valued at $30,737,619. 14.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in AppLovin during the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new position in shares of AppLovin in the third quarter valued at about $27,000. DT Investment Partners LLC purchased a new stake in shares of AppLovin in the third quarter worth about $27,000. Raleigh Capital Management Inc. purchased a new stake in shares of AppLovin in the third quarter worth about $29,000. Finally, HM Payson & Co. boosted its stake in shares of AppLovin by 50.0% in the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after buying an additional 100 shares during the last quarter. 41.85% of the stock is currently owned by hedge funds and other 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.