AppLovin (NASDAQ:APP) Given New $185.00 Price Target at Citigroup

AppLovin (NASDAQ:APP) had its target price hoisted by Citigroup from $155.00 to $185.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on APP. Macquarie reaffirmed an “outperform” rating and set a $150.00 target price (up from $115.00) on shares of AppLovin in a research report on Wednesday, September 25th. Oppenheimer reaffirmed an “outperform” rating and set a $105.00 target price (up from $97.00) on shares of AppLovin in a research report on Thursday, August 8th. UBS Group raised AppLovin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $100.00 to $145.00 in a research report on Tuesday, September 17th. Loop Capital initiated coverage on AppLovin in a research report on Tuesday. They issued a “buy” rating and a $181.00 price target for the company. Finally, The Goldman Sachs Group lowered AppLovin from a “buy” rating to a “neutral” rating and increased their price target for the company from $103.00 to $150.00 in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AppLovin has a consensus rating of “Moderate Buy” and an average price target of $119.45.

AppLovin Price Performance

AppLovin stock opened at $158.95 on Tuesday. The stock has a market capitalization of $52.30 billion, a price-to-earnings ratio of 94.61, a PEG ratio of 2.07 and a beta of 1.92. AppLovin has a 52-week low of $34.45 and a 52-week high of $163.08. The stock’s 50 day moving average price is $113.67 and its two-hundred day moving average price is $91.00. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.12. AppLovin had a return on equity of 84.16% and a net margin of 20.89%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the firm earned $0.22 earnings per share. AppLovin’s revenue for the quarter was up 44.0% on a year-over-year basis. On average, equities analysts predict that AppLovin will post 3.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now directly owns 1,164,396 shares in the company, valued at approximately $88,121,489.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the sale, the insider now directly owns 352,616 shares in the company, valued at $31,728,387.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Katie Kihorany Jansen sold 72,307 shares of AppLovin stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total value of $5,472,193.76. Following the sale, the chief marketing officer now owns 1,164,396 shares in the company, valued at $88,121,489.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 610,094 shares of company stock valued at $51,022,478 in the last ninety days. Company insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Several hedge funds have recently made changes to their positions in APP. Wellington Management Group LLP boosted its position in shares of AppLovin by 1,642.4% during the fourth quarter. Wellington Management Group LLP now owns 182,033 shares of the company’s stock valued at $7,254,000 after purchasing an additional 171,586 shares in the last quarter. Atlas Capital Advisors LLC bought a new stake in shares of AppLovin during the first quarter valued at approximately $38,000. Sunbelt Securities Inc. bought a new stake in shares of AppLovin during the first quarter valued at approximately $146,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of AppLovin by 39.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 68,563 shares of the company’s stock valued at $4,746,000 after purchasing an additional 19,381 shares in the last quarter. Finally, Diversified Trust Co bought a new stake in AppLovin in the first quarter worth $233,000. 41.85% of the stock is currently owned by 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.