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

AppLovin (NASDAQ:APP) had its price target raised by Citigroup from $185.00 to $335.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also issued reports on APP. Needham & Company LLC reaffirmed a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. JPMorgan Chase & Co. upped their target price on AppLovin from $160.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Macquarie upped their target price on AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Daiwa Capital Markets raised AppLovin from a “neutral” rating to an “outperform” rating and upped their target price for the company from $80.00 to $280.00 in a research note on Friday, November 8th. Finally, Wedbush reiterated an “outperform” rating and issued a $270.00 price target (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $222.96.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $318.99 on Monday. The business’s 50 day simple moving average is $176.89 and its 200-day simple moving average is $115.35. The firm has a market capitalization of $107.05 billion, a price-to-earnings ratio of 96.67, a price-to-earnings-growth ratio of 3.95 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. AppLovin has a 12 month low of $35.79 and a 12 month high of $342.51.

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

Insiders Place Their Bets

In related news, CTO Vasily Shikin sold 154,500 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the completion of the transaction, the chief technology officer now owns 4,530,455 shares of the company’s stock, valued at $381,192,483.70. This trade represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the completion of the transaction, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This trade represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 221,376 shares of company stock valued at $30,737,619 over the last three months. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of hedge funds and other institutional investors have recently made changes to their positions in APP. Capital Performance Advisors LLP acquired a new stake in AppLovin in the 3rd quarter valued at approximately $25,000. DT Investment Partners LLC bought a new position in shares of AppLovin during the 3rd quarter worth approximately $27,000. Meeder Asset Management Inc. bought a new position in shares of AppLovin during the 3rd quarter worth approximately $27,000. Raleigh Capital Management Inc. bought a new position in shares of AppLovin during the 3rd quarter worth approximately $29,000. Finally, Quest Partners LLC bought a new position in shares of AppLovin during the 2nd quarter worth approximately $33,000. 41.85% of the stock is 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.