AppLovin (NASDAQ:APP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

AppLovin (NASDAQ:APP) had its target price hoisted by equities researchers at Morgan Stanley from $420.00 to $460.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 19.91% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Jefferies Financial Group boosted their target price on shares of AppLovin from $460.00 to $530.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. FBN Securities assumed coverage on shares of AppLovin in a research note on Friday, March 28th. They set an “outperform” rating and a $385.00 target price for the company. Wells Fargo & Company boosted their target price on shares of AppLovin from $386.00 to $405.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. The Goldman Sachs Group boosted their target price on shares of AppLovin from $335.00 to $435.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Finally, Piper Sandler boosted their target price on shares of AppLovin from $425.00 to $455.00 and gave the stock an “overweight” rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, AppLovin currently has an average rating of “Moderate Buy” and an average target price of $438.10.

AppLovin Stock Up 0.0%

AppLovin stock opened at $383.61 on Monday. AppLovin has a fifty-two week low of $60.67 and a fifty-two week high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The firm has a 50 day moving average price of $315.46 and a 200 day moving average price of $333.14. The company has a market capitalization of $129.81 billion, a PE ratio of 84.50, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53.

AppLovin (NASDAQ:APP) last posted its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.22. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the firm earned $0.67 EPS. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. Research analysts expect that AppLovin will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, Director Craig Scott Billings sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $353.12, for a total value of $4,237,440.00. Following the completion of the transaction, the director now owns 2,987 shares in the company, valued at $1,054,769.44. This represents a 80.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dawson Alyssa Harvey sold 513 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $420.30, for a total value of $215,613.90. Following the completion of the transaction, the director now owns 3,451 shares of the company’s stock, valued at approximately $1,450,455.30. This represents a 12.94% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,211,468 shares of company stock valued at $454,489,290. Company insiders own 14.69% of the company’s stock.

Hedge Funds Weigh In On AppLovin

A number of institutional investors and hedge funds have recently bought and sold shares of APP. Fuller & Thaler Asset Management Inc. purchased a new position in AppLovin in the 4th quarter valued at about $25,000. Riverview Trust Co boosted its position in AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company’s stock valued at $28,000 after buying an additional 82 shares during the last quarter. Tucker Asset Management LLC purchased a new position in AppLovin in the 4th quarter valued at about $28,000. Hemington Wealth Management boosted its position in AppLovin by 78.4% in the 4th quarter. Hemington Wealth Management now owns 91 shares of the company’s stock valued at $29,000 after buying an additional 40 shares during the last quarter. Finally, Smithfield Trust Co purchased a new position in AppLovin in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors 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.