Morgan Stanley Issues Positive Forecast for AppLovin (NASDAQ:APP) Stock Price

AppLovin (NASDAQ:APP) had its target price upped by Morgan Stanley from $420.00 to $460.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently issued reports on APP. Citigroup reiterated a “buy” rating on shares of AppLovin in a research report on Thursday, May 29th. FBN Securities initiated coverage on shares of AppLovin in a research report on Friday, March 28th. They issued an “outperform” rating and a $385.00 price objective on the stock. Bank of America boosted their price target on shares of AppLovin from $375.00 to $580.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of AppLovin in a research report on Wednesday, May 28th. Finally, Loop Capital reiterated a “buy” rating and set a $650.00 price objective on shares of AppLovin in a research report on Friday, March 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AppLovin presently has a consensus rating of “Moderate Buy” and a consensus target price of $438.10.

AppLovin Price Performance

Shares of NASDAQ APP opened at $383.60 on Monday. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a fifty day simple moving average of $313.03 and a two-hundred day simple moving average of $332.78. AppLovin has a 1-year low of $60.67 and a 1-year high of $525.15. The firm has a market cap of $129.81 billion, a price-to-earnings ratio of 84.49, a price-to-earnings-growth ratio of 3.02 and a beta of 2.53.

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

Insider Buying and Selling

In related news, Director Dawson Alyssa Harvey sold 513 shares of the firm’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 transaction of $215,613.90. Following the completion of the sale, the director now directly owns 3,451 shares of the company’s stock, valued at approximately $1,450,455.30. This trade represents a 12.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the company’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $423.00, for a total transaction of $4,109,022.00. Following the completion of the sale, the chief financial officer now directly owns 192,421 shares of the company’s stock, valued at approximately $81,394,083. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,211,468 shares of company stock valued at $454,489,290. Corporate insiders own 14.69% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Institutional investors have recently added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. purchased a new position in shares of AppLovin in the fourth quarter worth $25,000. Atala Financial Inc acquired a new position in AppLovin in the 1st quarter worth approximately $26,000. Alpine Bank Wealth Management purchased a new position in AppLovin during the 1st quarter worth approximately $27,000. Riverview Trust Co increased its stake in shares of AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company’s stock worth $28,000 after acquiring an additional 82 shares during the period. Finally, Tucker Asset Management LLC acquired a new position in AppLovin during the fourth quarter valued at $28,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

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.