AppLovin (NASDAQ:APP) Price Target Raised to $335.00 at Citigroup

AppLovin (NASDAQ:APP) had its price objective hoisted by analysts at Citigroup from $185.00 to $335.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 12.42% from the company’s previous close.

Several other equities analysts also recently commented on APP. Daiwa America raised shares of AppLovin from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a research note on Thursday, November 7th. Oppenheimer raised their target price on AppLovin from $180.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Bank of America raised their target price on AppLovin from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, Jefferies Financial Group lifted their price objective on AppLovin from $105.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $203.13.

AppLovin Price Performance

APP traded up $6.91 during midday trading on Monday, hitting $298.00. The stock had a trading volume of 5,366,052 shares, compared to its average volume of 4,405,833. The company has a market cap of $100.01 billion, a P/E ratio of 90.30, a price-to-earnings-growth ratio of 3.58 and a beta of 1.86. The business has a fifty day moving average of $159.14 and a 200 day moving average of $109.11. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. AppLovin has a 1 year low of $35.79 and a 1 year high of $302.55.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share 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 firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the firm posted $0.30 earnings per share. The business’s quarterly revenue was up 38.6% compared to the same quarter last year. As a group, equities analysts forecast that AppLovin will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, insider Victoria Valenzuela sold 14,166 shares of the business’s stock in a transaction dated 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 owns 352,616 shares of the company’s stock, valued at approximately $31,728,387.68. The trade was a 3.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 value of $17,132,918.64. Following the sale, the chief marketing officer now directly owns 1,017,388 shares of the company’s stock, valued at $291,115,402.32. This represents a 5.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 235,542 shares of company stock worth $32,012,275 in the last three months. Insiders own 14.69% of the company’s stock.

Institutional Trading of AppLovin

Several hedge funds have recently bought and sold shares of the stock. TD Private Client Wealth LLC grew its holdings in AppLovin by 272.0% during the third quarter. TD Private Client Wealth LLC now owns 305 shares of the company’s stock valued at $40,000 after purchasing an additional 223 shares during the period. Toronto Dominion Bank lifted its position in shares of AppLovin by 38.8% in the third quarter. Toronto Dominion Bank now owns 25,174 shares of the company’s stock valued at $3,286,000 after acquiring an additional 7,039 shares in the last quarter. Coldstream Capital Management Inc. lifted its position in shares of AppLovin by 11.6% in the third quarter. Coldstream Capital Management Inc. now owns 4,428 shares of the company’s stock valued at $578,000 after acquiring an additional 462 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of AppLovin by 12.8% in the third quarter. Geode Capital Management LLC now owns 3,946,135 shares of the company’s stock valued at $514,418,000 after acquiring an additional 449,241 shares in the last quarter. Finally, Vestcor Inc lifted its position in shares of AppLovin by 32.9% in the third quarter. Vestcor Inc now owns 3,925 shares of the company’s stock valued at $512,000 after acquiring an additional 972 shares in 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.