Citigroup Cuts AppLovin (NYSE:APP) Price Target to $68.00

AppLovin (NYSE:APPGet Rating) had its target price lowered by investment analysts at Citigroup from $86.00 to $68.00 in a research report issued to clients and investors on Friday, The Fly reports. Citigroup’s price objective indicates a potential upside of 68.73% from the stock’s previous close.

A number of other research firms have also recently commented on APP. Zacks Investment Research upgraded AppLovin from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 12th. JPMorgan Chase & Co. reduced their price target on AppLovin from $111.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, February 14th. The Goldman Sachs Group reduced their price target on AppLovin from $65.00 to $58.00 in a research report on Thursday. BTIG Research reduced their price target on AppLovin from $103.00 to $60.00 in a research report on Thursday, May 12th. Finally, Morgan Stanley reduced their price target on AppLovin from $120.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, February 17th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $87.33.

AppLovin stock opened at $40.30 on Friday. The stock has a market cap of $15.15 billion, a PE ratio of -212.11, a price-to-earnings-growth ratio of 5.66 and a beta of 3.05. The company has a debt-to-equity ratio of 1.59, a quick ratio of 2.93 and a current ratio of 2.93. AppLovin has a one year low of $27.04 and a one year high of $116.09. The stock has a fifty day moving average of $41.74 and a 200 day moving average of $61.68.

In related news, CMO Katie Kihorany Jansen sold 2,009 shares of the stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $40.10, for a total transaction of $80,560.90. Following the completion of the transaction, the chief marketing officer now directly owns 1,328,491 shares of the company’s stock, valued at $53,272,489.10. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 22,500 shares of the stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $34.86, for a total value of $784,350.00. Following the transaction, the chief technology officer now directly owns 2,667,035 shares of the company’s stock, valued at $92,972,840.10. The disclosure for this sale can be found here. 12.78% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its position in AppLovin by 227.4% during the first quarter. Bank of America Corp DE now owns 159,991 shares of the company’s stock valued at $8,810,000 after purchasing an additional 111,128 shares during the period. Verition Fund Management LLC purchased a new stake in AppLovin during the first quarter valued at approximately $900,000. Walleye Capital LLC raised its holdings in shares of AppLovin by 271.9% in the first quarter. Walleye Capital LLC now owns 31,533 shares of the company’s stock worth $1,737,000 after buying an additional 23,053 shares during the period. EP Wealth Advisors LLC raised its holdings in shares of AppLovin by 75.1% in the first quarter. EP Wealth Advisors LLC now owns 14,461 shares of the company’s stock worth $796,000 after buying an additional 6,202 shares during the period. Finally, Prospect Capital Advisors LLC raised its holdings in shares of AppLovin by 142.7% in the first quarter. Prospect Capital Advisors LLC now owns 87,090 shares of the company’s stock worth $4,796,000 after buying an additional 51,200 shares during the period. Institutional investors and hedge funds own 43.30% of the company’s stock.

AppLovin Company Profile (Get Rating)

AppLovin Corporation engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps in the United States and internationally. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; Adjust, an analytics platform that helps marketers grow their mobile apps with solutions for measuring, optimizing campaigns, and protecting user data; and MAX, an in-app bidding software that optimizes the value of an app's advertising inventory by running a real-time competitive auction.

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