Citigroup Raises AppLovin (NASDAQ:APP) Price Target to $98.00

AppLovin (NASDAQ:APP - Get Free Report) had its price objective boosted by stock analysts at Citigroup from $80.00 to $98.00 in a report released on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 13.39% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC reiterated a "hold" rating on shares of AppLovin in a research note on Thursday. Oppenheimer lifted their price target on AppLovin from $85.00 to $97.00 and gave the stock an "outperform" rating in a research report on Thursday. Daiwa Capital Markets assumed coverage on AppLovin in a research note on Monday, April 15th. They issued a "neutral" rating and a $80.00 price target on the stock. Jefferies Financial Group increased their price target on AppLovin from $93.00 to $105.00 and gave the company a "buy" rating in a report on Thursday. Finally, UBS Group upped their price objective on AppLovin from $46.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, AppLovin presently has a consensus rating of "Moderate Buy" and an average target price of $71.72.

AppLovin Stock Performance

Shares of AppLovin stock traded up $1.74 during trading on Friday, hitting $86.43. 4,967,870 shares of the company's stock were exchanged, compared to its average volume of 4,172,789. The stock has a market capitalization of $28.47 billion, a price-to-earnings ratio of 86.43, a PEG ratio of 1.48 and a beta of 1.85. The business has a 50-day simple moving average of $70.10 and a 200-day simple moving average of $52.20. AppLovin has a 52-week low of $20.90 and a 52-week high of $88.50. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.71 and a current ratio of 1.71.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 8th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $973.70 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. The business's quarterly revenue was up 47.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) EPS. On average, research analysts forecast that AppLovin will post 2.54 EPS for the current year.

Insider Buying and Selling at AppLovin

In related news, Director Craig Scott Billings sold 5,550 shares of the company's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the sale, the director now owns 12,739 shares of the company's stock, valued at $743,065.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AppLovin news, Director Craig Scott Billings sold 5,550 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the sale, the director now owns 12,739 shares of the company's stock, valued at approximately $743,065.87. 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 2,890 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total transaction of $166,926.40. Following the sale, the insider now directly owns 546,560 shares of the company's stock, valued at approximately $31,569,305.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,215 shares of company stock valued at $4,416,815. 14.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AppLovin

Large investors have recently bought and sold shares of the stock. Atlas Capital Advisors LLC purchased a new position in AppLovin during the 1st quarter valued at about $38,000. ORG Partners LLC grew its holdings in AppLovin by 212.0% during the 1st quarter. ORG Partners LLC now owns 624 shares of the company's stock valued at $43,000 after buying an additional 424 shares in the last quarter. FinTrust Capital Advisors LLC purchased a new position in shares of AppLovin during the fourth quarter worth about $32,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of AppLovin during the first quarter worth about $56,000. Finally, Quarry LP bought a new stake in AppLovin in the 4th quarter worth approximately $44,000. 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.

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