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

AppLovin (NASDAQ:APP) had its target price raised by research analysts at Citigroup from $110.00 to $155.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 22.93% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Wedbush dropped their price target on shares of AppLovin from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. BTIG Research lifted their price target on shares of AppLovin from $114.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Jefferies Financial Group boosted their target price on shares of AppLovin from $105.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Benchmark boosted their target price on shares of AppLovin from $48.00 to $66.00 and gave the stock a “sell” rating in a research report on Friday, August 23rd. Finally, Bank of America boosted their target price on shares of AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $103.09.

AppLovin Price Performance

NASDAQ APP opened at $126.09 on Thursday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 4.27. The stock has a market capitalization of $41.49 billion, a PE ratio of 75.05, a price-to-earnings-growth ratio of 1.41 and a beta of 1.88. The company has a 50 day moving average price of $87.10 and a two-hundred day moving average price of $79.83. AppLovin has a 12-month low of $34.45 and a 12-month high of $128.19.

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 analysts’ consensus estimates of $0.77 by $0.12. The firm had revenue of $1.08 billion during 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 company’s revenue was up 44.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.22 earnings per share. As a group, equities analysts predict that AppLovin will post 3.46 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Victoria Valenzuela sold 47,001 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $85.06, for a total value of $3,997,905.06. Following the sale, the insider now owns 390,615 shares in the company, valued at approximately $33,225,711.90. 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 47,001 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the transaction, the insider now owns 390,615 shares in the company, valued at approximately $33,225,711.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eduardo Vivas sold 118,839 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $90.75, for a total transaction of $10,784,639.25. Following the transaction, the director now owns 7,641,531 shares in the company, valued at approximately $693,468,938.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 775,934 shares of company stock worth $65,805,022. Corporate insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in APP. WCM Investment Management LLC bought a new stake in shares of AppLovin in the 1st quarter valued at about $497,488,000. Lone Pine Capital LLC increased its stake in AppLovin by 7.2% during the 2nd quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock worth $474,557,000 after purchasing an additional 382,767 shares in the last quarter. Jericho Capital Asset Management L.P. increased its stake in AppLovin by 185.0% during the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after purchasing an additional 2,525,240 shares in the last quarter. Fred Alger Management LLC bought a new stake in AppLovin during the 2nd quarter worth approximately $290,655,000. Finally, Whale Rock Capital Management LLC bought a new stake in AppLovin during the 1st quarter worth approximately $195,129,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

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.