Citigroup Increases AppLovin (NASDAQ:APP) Price Target to $600.00

AppLovin (NASDAQ:APP) had its target price boosted by Citigroup from $460.00 to $600.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently commented on APP. Jefferies Financial Group boosted their target price on shares of AppLovin from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. BTIG Research boosted their target price on shares of AppLovin from $202.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group upped their price target on shares of AppLovin from $220.00 to $335.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Wells Fargo & Company upped their price target on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Bank of America upped their price target on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $442.18.

AppLovin Stock Performance

Shares of NASDAQ:APP opened at $415.31 on Wednesday. The firm has a market capitalization of $139.37 billion, a PE ratio of 91.48, a P/E/G ratio of 3.60 and a beta of 2.30. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.41 and a quick ratio of 2.41. The business has a 50-day moving average of $365.59 and a two-hundred day moving average of $243.25. AppLovin has a 12 month low of $56.45 and a 12 month high of $525.15.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. As a group, research analysts forecast that AppLovin will post 6.87 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other news, CEO Arash Adam Foroughi sold 1,676 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $356.39, for a total transaction of $597,309.64. Following the completion of the transaction, the chief executive officer now owns 3,058,635 shares in the company, valued at approximately $1,090,066,927.65. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Victoria Valenzuela sold 15,971 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $313.07, for a total transaction of $5,000,040.97. Following the transaction, the insider now owns 372,205 shares of the company’s stock, valued at $116,526,219.35. This represents a 4.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 196,302 shares of company stock worth $65,305,354 over the last 90 days. Insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Several institutional investors have recently modified their holdings of APP. Raleigh Capital Management Inc. bought a new position in shares of AppLovin during the third quarter worth about $29,000. Sequoia Financial Advisors LLC bought a new position in shares of AppLovin during the third quarter worth about $281,000. Signaturefd LLC grew its position in shares of AppLovin by 12.3% during the third quarter. Signaturefd LLC now owns 2,794 shares of the company’s stock worth $365,000 after acquiring an additional 305 shares during the last quarter. Segment Wealth Management LLC bought a new position in shares of AppLovin during the third quarter worth about $2,153,000. Finally, Private Advisor Group LLC grew its position in AppLovin by 58.0% in the 3rd quarter. Private Advisor Group LLC now owns 11,291 shares of the company’s stock valued at $1,474,000 after buying an additional 4,147 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.