Citigroup Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its price objective increased by equities researchers at Citigroup from $460.00 to $600.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 20.92% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Wedbush restated an “outperform” rating and issued a $270.00 price target (up previously from $170.00) on shares of AppLovin in a research note on Thursday, November 7th. Bank of America raised their price target on shares of AppLovin from $375.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Jefferies Financial Group raised their price target on shares of AppLovin from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Wells Fargo & Company raised their price objective on shares of AppLovin from $360.00 to $366.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Finally, Stifel Nicolaus raised their price objective on shares of AppLovin from $250.00 to $435.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $430.41.

AppLovin Stock Performance

APP traded up $0.18 on Wednesday, hitting $496.18. 2,486,332 shares of the company’s stock were exchanged, compared to its average volume of 4,991,464. The firm has a market cap of $166.51 billion, a PE ratio of 109.30, a P/E/G ratio of 3.84 and a beta of 2.30. AppLovin has a twelve month low of $54.50 and a twelve month high of $525.15. The stock has a fifty day moving average of $358.18 and a two-hundred day moving average of $237.58. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.12 by $0.61. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. On average, research analysts anticipate that AppLovin will post 6.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 500 shares of AppLovin stock in a transaction on Friday, December 6th. The shares were sold at an average price of $406.27, for a total transaction of $203,135.00. Following the completion of the sale, the director now owns 6,684 shares of the company’s stock, valued at $2,715,508.68. This trade represents a 6.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 17,925 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $354.15, for a total transaction of $6,348,138.75. Following the transaction, the insider now owns 405,676 shares in the company, valued at $143,670,155.40. This represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 828,991 shares of company stock valued at $267,640,144. Company insiders own 14.69% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. bought a new position in shares of AppLovin during the 4th quarter valued at $25,000. GHP Investment Advisors Inc. bought a new position in shares of AppLovin during the 4th quarter valued at $25,000. Riverview Trust Co raised its holdings in shares of AppLovin by 1,640.0% during the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Tucker Asset Management LLC bought a new position in shares of AppLovin during the 4th quarter valued at $28,000. Finally, Hemington Wealth Management raised its holdings in shares of AppLovin by 78.4% during the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after purchasing an additional 40 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.