Morgan Stanley Raises AppLovin (NASDAQ:APP) Price Target to $70.00

AppLovin (NASDAQ:APP) had its price objective boosted by equities researchers at Morgan Stanley from $55.00 to $70.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential downside of 3.26% from the company’s previous close.

APP has been the topic of a number of other reports. Oppenheimer boosted their price target on shares of AppLovin from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. TheStreet upgraded shares of AppLovin from a “d+” rating to a “c-” rating in a research note on Friday, March 8th. Wedbush upped their target price on shares of AppLovin from $67.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Daiwa Capital Markets started coverage on shares of AppLovin in a research report on Monday. They set a “neutral” rating and a $80.00 target price on the stock. Finally, UBS Group upped their target price on shares of AppLovin from $46.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.31.

AppLovin Stock Performance

Shares of AppLovin stock traded up $0.93 on Tuesday, reaching $72.36. 1,553,755 shares of the stock were exchanged, compared to its average volume of 4,140,655. AppLovin has a 1-year low of $15.41 and a 1-year high of $79.55. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 2.31. The business has a fifty day moving average price of $63.41 and a two-hundred day moving average price of $48.21. The firm has a market capitalization of $24.75 billion, a PE ratio of 72.46, a PEG ratio of 1.53 and a beta of 1.90.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The business had revenue of $953.26 million for the quarter, compared to analyst estimates of $928.66 million. During the same period in the previous year, the business posted ($0.21) earnings per share. The business’s revenue was up 35.7% compared to the same quarter last year. As a group, research analysts anticipate that AppLovin will post 2.47 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Victoria Valenzuela sold 2,890 shares of the firm’s 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 owns 546,560 shares in the company, valued at $31,569,305.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Craig Scott Billings sold 5,550 shares of the firm’s 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 sale, the director now owns 12,739 shares in the company, valued at $743,065.87. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victoria Valenzuela sold 2,890 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total transaction of $166,926.40. Following the sale, the insider now owns 546,560 shares in the company, valued at approximately $31,569,305.60. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock worth $4,416,815 over the last ninety days. 12.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppLovin

A number of hedge funds have recently made changes to their positions in APP. JPMorgan Chase & Co. boosted its holdings in shares of AppLovin by 99.0% in the 1st quarter. JPMorgan Chase & Co. now owns 981 shares of the company’s stock valued at $54,000 after purchasing an additional 488 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of AppLovin by 109.0% in the 1st quarter. Raymond James & Associates now owns 57,743 shares of the company’s stock valued at $3,180,000 after purchasing an additional 30,112 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of AppLovin by 21.6% in the 1st quarter. Bank of New York Mellon Corp now owns 39,124 shares of the company’s stock valued at $2,155,000 after purchasing an additional 6,942 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of AppLovin by 43.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,425 shares of the company’s stock valued at $519,000 after purchasing an additional 2,858 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of AppLovin by 802.0% in the 1st quarter. Citigroup Inc. now owns 22,749 shares of the company’s stock valued at $1,253,000 after purchasing an additional 20,227 shares during the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Company Profile

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.