Citigroup Boosts AppLovin (NASDAQ:APP) Price Target to $185.00

AppLovin (NASDAQ:APP) had its target price lifted by analysts at Citigroup from $155.00 to $185.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 16.39% from the stock’s previous close.

APP has been the subject of a number of other research reports. Loop Capital assumed coverage on shares of AppLovin in a research report on Tuesday. They set a “buy” rating and a $181.00 price objective for the company. Wedbush reduced their price objective on AppLovin from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Jefferies Financial Group boosted 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. 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 report on Wednesday, September 11th. Finally, The Goldman Sachs Group lowered shares of AppLovin from a “buy” rating to a “neutral” rating and boosted their price target for the company from $103.00 to $150.00 in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $119.45.

AppLovin Stock Performance

Shares of NASDAQ APP traded up $0.10 during trading hours on Tuesday, hitting $158.95. 3,402,619 shares of the stock were exchanged, compared to its average volume of 4,182,958. AppLovin has a one year low of $34.45 and a one year high of $163.08. The company’s 50 day moving average is $113.67 and its 200 day moving average is $91.00. The company has a debt-to-equity ratio of 4.27, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a market capitalization of $52.30 billion, a P/E ratio of 94.61, a P/E/G ratio of 2.07 and a beta of 1.92.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $1.08 billion. During the same period last year, the business posted $0.22 earnings per share. The firm’s revenue was up 44.0% compared to the same quarter last year. On average, research analysts expect that AppLovin will post 3.46 EPS for the current year.

Insider Transactions at AppLovin

In other news, CMO Katie Kihorany Jansen sold 72,307 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the transaction, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at $88,121,489.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $75.68, for a total transaction of $5,472,193.76. Following the transaction, the chief marketing officer now owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 610,094 shares of company stock worth $51,022,478. Corporate insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

A number of hedge funds have recently modified their holdings of the business. Fred Alger Management LLC acquired a new stake in shares of AppLovin during the second quarter worth $290,655,000. Whale Rock Capital Management LLC acquired a new position in shares of AppLovin during the first quarter worth about $195,129,000. Jericho Capital Asset Management L.P. grew its holdings in shares of AppLovin by 185.0% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock worth $269,305,000 after buying an additional 2,525,240 shares in the last quarter. 1832 Asset Management L.P. raised its position in AppLovin by 977.2% in the 2nd quarter. 1832 Asset Management L.P. now owns 1,496,300 shares of the company’s stock valued at $124,522,000 after buying an additional 1,357,400 shares during the last quarter. Finally, Jackson Square Partners LLC acquired a new position in AppLovin during the 1st quarter worth approximately $54,736,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.