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

AppLovin (NASDAQ:APP) had its target price raised by Morgan Stanley from $55.00 to $70.00 in a research report report published on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities analysts have also issued reports about the stock. TheStreet upgraded shares of AppLovin from a d+ rating to a c- rating in a research note on Friday, March 8th. Oppenheimer raised their target price on shares of AppLovin from $70.00 to $85.00 and gave the stock an outperform rating in a research report on Monday, April 8th. The Goldman Sachs Group raised their target price on shares of AppLovin from $59.00 to $73.00 and gave the stock a buy rating in a research report on Thursday, February 15th. BTIG Research lifted their price objective on shares of AppLovin from $65.00 to $87.00 and gave the company a buy rating in a research report on Tuesday, April 9th. Finally, UBS Group lifted their price objective on shares of AppLovin from $46.00 to $55.00 and gave the company a neutral rating in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, AppLovin presently has an average rating of Moderate Buy and a consensus price target of $59.31.

AppLovin Stock Down 2.9 %

Shares of NASDAQ:APP opened at $68.86 on Tuesday. The firm’s 50 day moving average price is $64.85 and its 200 day moving average price is $48.74. The stock has a market cap of $23.55 billion, a price-to-earnings ratio of 68.86, a price-to-earnings-growth ratio of 1.46 and a beta of 1.90. AppLovin has a fifty-two week low of $15.41 and a fifty-two week high of $79.55. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31.

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

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 50,000 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $75.01, for a total value of $3,750,500.00. Following the completion of the sale, the insider now owns 471,560 shares of the company’s stock, valued at $35,371,715.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CFO Matthew Stumpf sold 2,775 shares of AppLovin stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of the transaction, the chief financial officer now owns 362,264 shares of the company’s stock, valued at approximately $22,931,311.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $75.01, for a total value of $3,750,500.00. Following the transaction, the insider now directly owns 471,560 shares of the company’s stock, valued at approximately $35,371,715.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,215 shares of company stock valued at $4,416,815. 12.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. FinTrust Capital Advisors LLC acquired a new position in shares of AppLovin during the 4th quarter worth $32,000. BluePath Capital Management LLC purchased a new stake in AppLovin during the 3rd quarter worth about $33,000. Tower Research Capital LLC TRC increased its position in AppLovin by 86.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 927 shares of the company’s stock worth $37,000 after purchasing an additional 429 shares in the last quarter. Castleview Partners LLC purchased a new stake in AppLovin during the 3rd quarter worth about $38,000. Finally, Atlas Capital Advisors LLC purchased a new stake in AppLovin during the 1st quarter worth about $38,000. Institutional investors and hedge funds 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.