AppLovin (NASDAQ:APP) Price Target Raised to $600.00 at Citigroup

AppLovin (NASDAQ:APP) had its price target boosted by Citigroup from $460.00 to $600.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

APP has been the topic of several other reports. Daiwa Capital Markets upgraded shares of AppLovin from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Wedbush reiterated an “outperform” rating and set a $270.00 price target (up from $170.00) on shares of AppLovin in a report on Thursday, November 7th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research note on Thursday, February 13th. Oppenheimer restated an “outperform” rating and issued a $560.00 target price (up from $480.00) on shares of AppLovin in a research note on Thursday, February 13th. Finally, Macquarie upped their price target on AppLovin from $270.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $430.41.

AppLovin Trading Down 0.4 %

Shares of AppLovin stock opened at $494.17 on Wednesday. AppLovin has a fifty-two week low of $54.50 and a fifty-two week high of $525.15. The firm has a market cap of $165.84 billion, a PE ratio of 108.85, a P/E/G ratio of 3.84 and a beta of 2.30. The business’s fifty day moving average is $361.30 and its two-hundred day moving average is $239.37. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last announced its 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%. Analysts anticipate that AppLovin will post 6.64 earnings per share for the current year.

Insider Activity

In other AppLovin news, CEO Arash Adam Foroughi sold 1,676 shares of AppLovin stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total value of $597,309.64. Following the transaction, the chief executive officer now directly owns 3,058,635 shares of the company’s stock, valued at approximately $1,090,066,927.65. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herald Y. Chen sold 99,000 shares of AppLovin stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $329.50, for a total transaction of $32,620,500.00. Following the completion of the transaction, the director now directly owns 621,209 shares in the company, valued at $204,688,365.50. This represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 217,403 shares of company stock worth $72,325,024 over the last 90 days. Corporate insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Large investors have recently bought and sold shares of the business. Fuller & Thaler Asset Management Inc. acquired a new position in shares of AppLovin in the 4th quarter worth approximately $25,000. GHP Investment Advisors Inc. acquired a new stake in AppLovin during the 4th quarter worth approximately $25,000. Riverview Trust Co increased its position in shares of AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Tucker Asset Management LLC purchased a new stake in shares of AppLovin in the 4th quarter valued at approximately $28,000. Finally, Hemington Wealth Management increased its position in shares of AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. 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.