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

AppLovin (NASDAQ:APP) had its price objective raised by equities research analysts at Morgan Stanley from $55.00 to $70.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential downside of 1.27% from the stock’s previous close.

A number of other research analysts have also commented on APP. Daiwa Capital Markets started coverage on shares of AppLovin in a research note on Monday. They issued a “neutral” rating and a $80.00 price target on the stock. The Goldman Sachs Group upped their price target 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. TheStreet upgraded shares of AppLovin from a “d+” rating to a “c-” rating in a research report on Friday, March 8th. BTIG Research increased their target price on shares of AppLovin from $65.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Finally, HSBC assumed coverage on shares of AppLovin in a research report on Monday, December 18th. They set a “buy” rating and a $53.20 target price on the stock. One 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.31.

AppLovin Trading Down 2.0 %

Shares of NASDAQ:APP opened at $70.90 on Tuesday. The company’s 50-day moving average price is $64.40 and its two-hundred day moving average price is $48.60. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.71 and a quick ratio of 1.71. AppLovin has a one year low of $15.41 and a one year high of $79.55. The stock has a market capitalization of $24.25 billion, a PE ratio of 70.90, a price-to-earnings-growth ratio of 1.44 and a beta of 1.90.

AppLovin (NASDAQ:APP) last issued its 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 company had revenue of $953.26 million for the quarter, compared to analysts’ expectations of $928.66 million. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. AppLovin’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.21) EPS. On average, equities analysts forecast that AppLovin will post 2.47 EPS for the current fiscal year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Craig Scott Billings sold 5,550 shares of the 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 of the company’s stock, valued at approximately $743,065.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Matthew Stumpf sold 2,775 shares of AppLovin stock in a transaction dated Thursday, March 14th. The shares were 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 directly owns 362,264 shares of the company’s stock, valued at approximately $22,931,311.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Craig Scott Billings sold 5,550 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $743,065.87. The disclosure for this sale can be found here. Insiders sold 61,215 shares of company stock valued at $4,416,815 in the last quarter. Company insiders own 12.43% of the company’s stock.

Institutional Trading of AppLovin

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of AppLovin by 8.5% in the third quarter. Vanguard Group Inc. now owns 18,099,233 shares of the company’s stock worth $723,245,000 after acquiring an additional 1,411,453 shares during the period. BlackRock Inc. grew its stake in shares of 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 during the period. Spruce House Investment Management LLC grew its stake in shares of 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 during the period. Sapient Capital LLC bought a new stake in shares of AppLovin in the fourth quarter worth approximately $165,057,000. Finally, First Trust Advisors LP grew its stake in shares of 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 during the period. 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.