AppLovin (NASDAQ:APP) Given New $460.00 Price Target at Citigroup

AppLovin (NASDAQ:APP) had its price target upped by equities research analysts at Citigroup from $335.00 to $460.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 14.57% from the stock’s previous close.

A number of other brokerages also recently issued reports on APP. Stifel Nicolaus lifted their price target on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company lifted their target price on AppLovin from $250.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Piper Sandler began coverage on AppLovin in a research note on Wednesday, November 20th. They issued an “overweight” rating and a $400.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Benchmark restated a “sell” rating and issued a $66.00 price target on shares of AppLovin in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

AppLovin Stock Performance

NASDAQ:APP opened at $401.50 on Thursday. The stock has a 50-day moving average price of $220.82 and a 200 day moving average price of $133.52. 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 has a 12-month low of $35.79 and a 12-month high of $417.64. The stock has a market capitalization of $134.74 billion, a P/E ratio of 122.22, a P/E/G ratio of 4.52 and a beta of 2.28.

AppLovin (NASDAQ:APP) last released its quarterly earnings data 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 net margin of 26.85% and a return on equity of 122.24%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the business posted $0.30 earnings per share. The company’s revenue for the quarter was up 38.6% compared to the same quarter last year. Equities research analysts forecast that AppLovin will post 4.06 EPS for the current fiscal year.

Insider Activity

In related news, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total value of $6,348,138.75. Following the transaction, the insider now owns 405,676 shares of the company’s stock, valued at $143,670,155.40. This represents a 4.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Margaret Hasti Georgiadis sold 30,500 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $339.69, for a total value of $10,360,545.00. Following the transaction, the director now directly owns 154,500 shares in the company, valued at $52,482,105. The trade was a 16.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 778,320 shares of company stock valued at $246,810,683. 14.69% of the stock is currently owned by insiders.

Institutional Trading of AppLovin

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new stake in AppLovin in the third quarter valued at approximately $25,000. DT Investment Partners LLC acquired a new stake in shares of AppLovin in the 3rd quarter worth $27,000. Meeder Asset Management Inc. acquired a new stake in shares of AppLovin in the 3rd quarter worth $27,000. Raleigh Capital Management Inc. acquired a new stake in shares of AppLovin in the 3rd quarter worth $29,000. Finally, Quest Partners LLC acquired a new stake in shares of AppLovin in the 2nd quarter worth $33,000. Institutional investors own 41.85% of the company’s stock.

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.