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

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

A number of other equities analysts also recently weighed in on APP. The Goldman Sachs Group raised their target price on shares of AppLovin from $59.00 to $73.00 and gave the company a buy rating in a research note on Thursday, February 15th. BTIG Research raised their target price on shares of AppLovin from $65.00 to $87.00 and gave the company a buy rating in a research note on Tuesday, April 9th. Oppenheimer raised their target price on shares of AppLovin from $70.00 to $85.00 and gave the company an outperform rating in a research note on Monday, April 8th. Daiwa Capital Markets began coverage on shares of AppLovin in a research note on Monday, April 15th. They set a neutral rating and a $80.00 target price for the company. Finally, HSBC began coverage on shares of AppLovin in a research note on Monday, December 18th. They set a buy rating and a $53.20 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, AppLovin has an average rating of Moderate Buy and a consensus target price of $59.31.

AppLovin Stock Down 3.0 %

APP opened at $66.80 on Tuesday. The stock has a market cap of $22.85 billion, a PE ratio of 66.80, a P/E/G ratio of 1.43 and a beta of 1.90. 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 has a 52 week low of $15.41 and a 52 week high of $79.55. The business’s fifty day simple moving average is $65.26 and its 200 day simple moving average is $48.92.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. The company had revenue of $953.26 million during 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%. AppLovin’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) earnings per share. As a group, research analysts expect that AppLovin will post 2.47 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $75.01, for a total value of $3,750,500.00. Following the sale, the insider now directly owns 471,560 shares in the company, valued at approximately $35,371,715.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other AppLovin news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $75.01, for a total value of $3,750,500.00. Following the sale, the insider now directly owns 471,560 shares in the company, valued at approximately $35,371,715.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Craig Scott Billings sold 5,550 shares of AppLovin stock in a transaction 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 in the company, valued at $743,065.87. The disclosure for this sale can be found here. In the last quarter, insiders have sold 61,215 shares of company stock worth $4,416,815. 12.43% of the stock is owned by corporate insiders.

Institutional Trading of AppLovin

A number of large investors have recently made changes to their positions in APP. FinTrust Capital Advisors LLC bought a new position in AppLovin during the 4th quarter valued at about $32,000. BluePath Capital Management LLC bought a new position in AppLovin during the 3rd quarter valued at about $33,000. Tower Research Capital LLC TRC grew its holdings in AppLovin by 86.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 927 shares of the company’s stock valued at $37,000 after purchasing an additional 429 shares during the last quarter. Castleview Partners LLC bought a new position in AppLovin during the 3rd quarter valued at about $38,000. Finally, Atlas Capital Advisors LLC bought a new position in AppLovin during the 1st quarter valued at about $38,000. 41.85% of the stock is currently owned by institutional investors.

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.