Citigroup Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its price target increased by Citigroup from $460.00 to $600.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 20.92% from the company’s previous close.

Several other research analysts also recently weighed in on APP. Oppenheimer reiterated an “outperform” rating and issued a $560.00 price target (up from $480.00) on shares of AppLovin in a report on Thursday, February 13th. Macquarie boosted their price target on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Needham & Company LLC reiterated a “hold” rating on shares of AppLovin in a report on Thursday, February 13th. Loop Capital upped their price objective on AppLovin from $385.00 to $450.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Finally, UBS Group upped their price objective on AppLovin from $440.00 to $630.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $430.41.

AppLovin Price Performance

APP stock traded up $0.18 on Wednesday, reaching $496.18. The company had a trading volume of 2,486,332 shares, compared to its average volume of 4,991,464. AppLovin has a 1 year low of $54.50 and a 1 year high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The company’s fifty day moving average is $358.18 and its 200 day moving average is $237.58. The company has a market cap of $166.51 billion, a P/E ratio of 109.30, a PEG ratio of 3.84 and a beta of 2.30.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a return on equity of 188.55% and a net margin of 33.54%. On average, research analysts forecast that AppLovin will post 6.64 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other news, Director Craig Scott Billings sold 18,000 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the transaction, the director now owns 2,987 shares of the company’s stock, valued at approximately $952,673.78. This trade represents a 85.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 17,925 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the transaction, the insider now directly owns 405,676 shares in the company, valued at $143,670,155.40. The trade was a 4.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,991 shares of company stock valued at $267,640,144 in the last ninety days. Insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Large investors have recently modified their holdings of the stock. Townsquare Capital LLC lifted its position in shares of AppLovin by 64.9% during the third quarter. Townsquare Capital LLC now owns 7,942 shares of the company’s stock worth $1,037,000 after purchasing an additional 3,126 shares during the last quarter. Second Half Financial Partners LLC acquired a new stake in AppLovin during the third quarter worth about $224,000. State Street Corp raised its stake in AppLovin by 8.6% during the third quarter. State Street Corp now owns 5,388,023 shares of the company’s stock worth $703,406,000 after acquiring an additional 428,419 shares during the period. Eagle Asset Management Inc. raised its stake in AppLovin by 2,200.4% during the third quarter. Eagle Asset Management Inc. now owns 523,149 shares of the company’s stock worth $68,297,000 after acquiring an additional 500,407 shares during the period. Finally, Zacks Investment Management raised its stake in AppLovin by 328.1% during the third quarter. Zacks Investment Management now owns 106,121 shares of the company’s stock worth $13,854,000 after acquiring an additional 81,331 shares during the period. Institutional investors own 41.85% of the company’s stock.

About AppLovin

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.