AppLovin (NASDAQ:APP) Given New $335.00 Price Target at Citigroup

AppLovin (NASDAQ:APP) had its price objective raised by investment analysts at Citigroup from $185.00 to $335.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 4.30% from the company’s current price.

Other analysts also recently issued reports about the stock. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and lifted their price target for the company from $100.00 to $145.00 in a report on Tuesday, September 17th. Benchmark reiterated a “sell” rating and issued a $66.00 target price on shares of AppLovin in a research report on Thursday, November 7th. Macquarie raised their target price on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Daiwa America upgraded shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, BTIG Research boosted their target price on shares of AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $203.13.

AppLovin Price Performance

Shares of NASDAQ:APP opened at $321.19 on Monday. 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 1-year low of $35.79 and a 1-year high of $323.59. The firm’s 50 day simple moving average is $168.07 and its two-hundred day simple moving average is $112.43. The company has a market capitalization of $107.79 billion, a P/E ratio of 97.33, a P/E/G ratio of 3.58 and a beta of 1.86.

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

Insiders Place Their Bets

In other AppLovin news, CTO Vasily Shikin sold 154,500 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the transaction, the chief technology officer now directly owns 4,530,455 shares in the company, valued at $381,192,483.70. This represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total transaction of $17,132,918.64. Following the completion of the sale, the chief marketing officer now owns 1,017,388 shares of the company’s stock, valued at approximately $291,115,402.32. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 235,542 shares of company stock worth $32,012,275 in the last three months. Corporate insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Institutional investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in shares of AppLovin during the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. purchased a new position in AppLovin in the third quarter worth $27,000. DT Investment Partners LLC acquired a new position in shares of AppLovin during the third quarter worth $27,000. Raleigh Capital Management Inc. purchased a new stake in AppLovin in the third quarter valued at about $29,000. Finally, HM Payson & Co. raised its position in shares of AppLovin by 50.0% in the 3rd quarter. HM Payson & Co. now owns 300 shares of the company’s stock valued at $39,000 after purchasing an additional 100 shares during the last quarter. 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.