AppLovin (NASDAQ:APP) Given New $70.00 Price Target at Morgan Stanley

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

Other analysts have also recently issued research reports about the stock. 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. TheStreet upgraded shares of AppLovin from a d+ rating to a c- rating in a research note on Friday, March 8th. BTIG Research boosted their price target on shares of AppLovin from $65.00 to $87.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. UBS Group boosted their price target on shares of AppLovin from $46.00 to $55.00 and gave the stock a neutral rating in a research note on Thursday, February 15th. Finally, HSBC began 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 equities 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $59.31.

AppLovin Stock Up 1.2 %

APP opened at $72.32 on Tuesday. 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 fifty-two week low of $15.41 and a fifty-two week high of $79.55. The firm’s fifty day moving average is $63.94 and its 200 day moving average is $48.44. The stock has a market cap of $24.73 billion, a price-to-earnings ratio of 72.32, a price-to-earnings-growth ratio of 1.53 and a beta of 1.90.

AppLovin (NASDAQ:APP) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.35 by $0.14. The business 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%. The business’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.21) EPS. On average, sell-side analysts forecast that AppLovin will post 2.47 earnings per share for the current fiscal year.

Insider Activity at AppLovin

In related news, Director Craig Scott Billings sold 5,550 shares of the company’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 transaction, the director now directly owns 12,739 shares in the company, valued at approximately $743,065.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $57.76, for a total value of $166,926.40. Following the transaction, the insider now directly owns 546,560 shares in the company, valued at approximately $31,569,305.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig Scott Billings sold 5,550 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $58.33, for a total transaction of $323,731.50. Following the completion of the transaction, 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 ninety days, insiders have sold 61,215 shares of company stock worth $4,416,815. Insiders own 12.43% of the company’s stock.

Hedge Funds Weigh In On AppLovin

Hedge funds have recently added to or reduced their stakes in the stock. Atlas Capital Advisors LLC bought a new position in AppLovin in the 1st quarter worth about $38,000. FinTrust Capital Advisors LLC bought a new position in shares of AppLovin during the fourth quarter valued at approximately $32,000. BluePath Capital Management LLC bought a new position in shares of AppLovin during the third quarter valued at approximately $33,000. Tower Research Capital LLC TRC boosted its stake in shares of AppLovin by 86.1% during the third 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 in the last quarter. Finally, Castleview Partners LLC bought a new position in shares of AppLovin during the third quarter valued at approximately $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.