AppLovin (NASDAQ:APP) Given New $155.00 Price Target at Citigroup

AppLovin (NASDAQ:APP) had its target price raised by Citigroup from $110.00 to $155.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also issued reports on APP. BTIG Research upped their target price on shares of AppLovin from $114.00 to $150.00 and gave the stock a buy rating in a research note on Friday, September 13th. UBS Group upgraded shares of AppLovin from a neutral rating to a buy rating and increased their price objective for the company from $100.00 to $145.00 in a research note on Tuesday, September 17th. Oppenheimer restated an outperform rating and issued a $105.00 target price (up previously from $97.00) on shares of AppLovin in a research note on Thursday, August 8th. Bank of America upped their target price on AppLovin from $100.00 to $120.00 and gave the company a buy rating in a report on Wednesday, September 11th. Finally, Wedbush dropped their price target on AppLovin from $100.00 to $90.00 and set an outperform rating on the stock in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $103.09.

AppLovin Stock Up 1.7 %

Shares of NASDAQ:APP opened at $126.09 on Thursday. The company has a debt-to-equity ratio of 4.27, a quick ratio of 2.28 and a current ratio of 2.28. AppLovin has a 52-week low of $34.45 and a 52-week high of $128.19. The business’s 50 day simple moving average is $87.92 and its two-hundred day simple moving average is $80.41. The firm has a market cap of $41.49 billion, a P/E ratio of 75.05, a PEG ratio of 1.41 and a beta of 1.88.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.12. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.08 billion. AppLovin had a net margin of 20.89% and a return on equity of 84.16%. The business’s revenue was up 44.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.22 earnings per share. As a group, research analysts forecast that AppLovin will post 3.46 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In related news, insider Victoria Valenzuela sold 47,001 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $85.06, for a total transaction of $3,997,905.06. Following the completion of the transaction, the insider now directly owns 390,615 shares in the company, valued at $33,225,711.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other AppLovin news, insider Victoria Valenzuela sold 47,001 shares of AppLovin stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 390,615 shares in the company, valued at $33,225,711.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Katie Kihorany Jansen sold 72,307 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer now directly owns 1,164,396 shares of the company’s stock, valued at approximately $88,121,489.28. The disclosure for this sale can be found here. Insiders sold a total of 775,934 shares of company stock valued at $65,805,022 in the last three months. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of APP. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of AppLovin by 9,470.1% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 250,641 shares of the company’s stock valued at $17,336,000 after buying an additional 248,022 shares during the last quarter. Gulf International Bank UK Ltd bought a new position in AppLovin during the 1st quarter worth approximately $1,131,000. Acadian Asset Management LLC increased its stake in AppLovin by 2,081.4% in the 1st quarter. Acadian Asset Management LLC now owns 16,339 shares of the company’s stock worth $1,127,000 after purchasing an additional 15,590 shares during the period. Janney Montgomery Scott LLC lifted its position in AppLovin by 167.0% in the first quarter. Janney Montgomery Scott LLC now owns 16,146 shares of the company’s stock valued at $1,118,000 after purchasing an additional 10,099 shares during the last quarter. Finally, Park Avenue Securities LLC purchased a new stake in shares of AppLovin during the second quarter valued at approximately $1,195,000. 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.