AppLovin (NASDAQ:APP) PT Raised to $70.00 at Morgan Stanley

AppLovin (NASDAQ:APP) had its target price hoisted by Morgan Stanley from $55.00 to $70.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential downside of 1.27% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. HSBC assumed coverage on AppLovin in a research note on Monday, December 18th. They set a “buy” rating and a $53.20 price target for the company. Daiwa Capital Markets assumed 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. TheStreet raised shares of AppLovin from a “d+” rating to a “c-” rating in a research report on Friday, March 8th. The Goldman Sachs Group lifted 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. Finally, Wedbush lifted 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.31.

AppLovin Price Performance

APP stock opened at $70.90 on Tuesday. The company has a market capitalization of $24.25 billion, a P/E ratio of 70.90, a price-to-earnings-growth ratio of 1.44 and a beta of 1.90. 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 has a 52-week low of $15.41 and a 52-week high of $79.55. The business has a 50-day simple moving average of $64.40 and a two-hundred day simple moving average of $48.60.

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

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $31,569,305.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 546,560 shares in the company, valued at approximately $31,569,305.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 2,775 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $63.30, for a total transaction of $175,657.50. Following the transaction, the chief financial officer now owns 362,264 shares of the company’s stock, valued at $22,931,311.20. The disclosure for this sale can be found here. Insiders have sold 61,215 shares of company stock valued at $4,416,815 in the last 90 days. 12.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of AppLovin by 8.5% during the 3rd quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock valued at $723,245,000 after purchasing an additional 1,411,453 shares in the last quarter. BlackRock Inc. grew its position in AppLovin by 2.4% in the second quarter. BlackRock Inc. now owns 8,335,764 shares of the company’s stock worth $214,479,000 after acquiring an additional 195,030 shares in the last quarter. Spruce House Investment Management LLC grew its position in AppLovin by 33.7% in the fourth quarter. Spruce House Investment Management LLC now owns 5,000,000 shares of the company’s stock worth $52,650,000 after acquiring an additional 1,259,199 shares in the last quarter. Sapient Capital LLC purchased a new position in AppLovin in the fourth quarter worth $165,057,000. Finally, First Trust Advisors LP grew its position in AppLovin by 3.7% in the first quarter. First Trust Advisors LP now owns 4,040,013 shares of the company’s stock worth $63,630,000 after acquiring an additional 144,035 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other 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.