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

AppLovin (NASDAQ:APP) had its price objective hoisted by Citigroup from $110.00 to $155.00 in a report released on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also issued reports about the stock. UBS Group upgraded shares of AppLovin from a neutral rating to a buy rating and boosted their target price for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. Wedbush reduced their price objective on AppLovin from $100.00 to $90.00 and set an outperform rating for the company in a research note on Thursday, August 8th. Bank of America lifted their target price on AppLovin from $100.00 to $120.00 and gave the company a buy rating in a research report on Wednesday, September 11th. Oppenheimer restated an outperform rating and issued a $105.00 price target (up previously from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. Finally, Benchmark lifted their price objective on AppLovin from $48.00 to $66.00 and gave the company a sell rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, AppLovin has an average rating of Moderate Buy and an average target price of $103.09.

AppLovin Trading Up 1.7 %

NASDAQ:APP opened at $126.09 on Thursday. AppLovin has a one year low of $34.45 and a one year high of $128.19. The company’s 50-day simple moving average is $87.92 and its 200 day simple moving average is $80.27. The firm has a market capitalization of $41.49 billion, a P/E ratio of 75.05, a PEG ratio of 1.41 and a beta of 1.88. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28.

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

Insider Activity

In related news, Director Eduardo Vivas sold 229,200 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the completion of the transaction, the director now owns 7,412,475 shares in the company, valued at $640,067,216.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Eduardo Vivas sold 229,200 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $86.35, for a total transaction of $19,791,420.00. Following the completion of the transaction, the director now directly owns 7,412,475 shares of the company’s stock, valued at $640,067,216.25. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total value of $131,850.00. Following the transaction, the director now owns 10,247 shares of the company’s stock, valued at approximately $900,711.30. The disclosure for this sale can be found here. Insiders have sold a total of 775,934 shares of company stock worth $65,805,022 over the last quarter. Insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of hedge funds have recently bought and sold shares of the business. Precision Wealth Strategies LLC bought a new stake in AppLovin during the fourth quarter worth approximately $324,000. Norges Bank purchased a new stake in AppLovin during the 4th quarter valued at $43,973,000. Clearbridge Investments LLC lifted its position in AppLovin by 3.1% in the fourth quarter. Clearbridge Investments LLC now owns 63,032 shares of the company’s stock worth $2,512,000 after buying an additional 1,918 shares during the last quarter. Franklin Resources Inc. boosted its stake in AppLovin by 154.9% during the fourth quarter. Franklin Resources Inc. now owns 235,187 shares of the company’s stock worth $9,372,000 after buying an additional 142,938 shares during the period. Finally, Contrarius Investment Management Ltd purchased a new stake in shares of AppLovin in the fourth quarter valued at $7,334,000. Hedge funds and other 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.