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

AppLovin (NASDAQ:APP) had its target price lifted by Citigroup from $185.00 to $335.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus upped their target price on shares of AppLovin from $185.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Daiwa Capital Markets upgraded AppLovin from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $80.00 to $280.00 in a research report on Friday, November 8th. Wells Fargo & Company started coverage on AppLovin in a report on Monday, October 28th. They issued an “overweight” rating and a $200.00 price target on the stock. Macquarie lifted their price objective on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Bank of America upped 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $203.13.

AppLovin Price Performance

NASDAQ APP opened at $298.00 on Monday. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The business’s fifty day moving average is $163.37 and its 200 day moving average is $110.70. The company has a market capitalization of $100.01 billion, a PE ratio of 90.30, a price-to-earnings-growth ratio of 3.58 and a beta of 1.86. AppLovin has a fifty-two week low of $35.79 and a fifty-two week high of $302.55.

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

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of AppLovin stock in a transaction 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 completion of the sale, the insider now directly owns 352,616 shares of the company’s stock, valued at $31,728,387.68. The trade was a 3.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Katie Kihorany Jansen sold 59,876 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $286.14, for a total value of $17,132,918.64. Following the transaction, the chief marketing officer now owns 1,017,388 shares in the company, 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 a total of 235,542 shares of company stock worth $32,012,275 over the last quarter. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new position in shares of AppLovin during the third quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new stake in AppLovin during the third quarter worth $27,000. DT Investment Partners LLC bought a new stake in AppLovin during the 3rd quarter valued at $27,000. Raleigh Capital Management Inc. purchased a new position in shares of AppLovin in the 3rd quarter valued at $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 worth $39,000 after acquiring an additional 100 shares in the last quarter. 41.85% of the stock is currently owned by institutional investors.

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.