AppLovin (NASDAQ:APP) Price Target Raised to $70.00

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

Several other brokerages have also recently weighed in on APP. Daiwa Capital Markets began coverage on AppLovin in a report on Monday, April 15th. They set a neutral rating and a $80.00 target price on the stock. The Goldman Sachs Group boosted their target price on AppLovin from $59.00 to $73.00 and gave the stock a buy rating in a report on Thursday, February 15th. BTIG Research boosted their target price on AppLovin from $65.00 to $87.00 and gave the stock a buy rating in a report on Tuesday, April 9th. TheStreet upgraded AppLovin from a d+ rating to a c- rating in a report on Friday, March 8th. Finally, Wedbush lifted their price target on shares of AppLovin from $67.00 to $87.00 and gave the company an outperform rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, AppLovin currently has an average rating of Moderate Buy and a consensus target price of $59.31.

AppLovin Trading Down 3.0 %

APP stock opened at $66.80 on Tuesday. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 2.31. AppLovin has a 12-month low of $15.41 and a 12-month high of $79.55. The stock has a market cap of $22.85 billion, a price-to-earnings ratio of 66.80, a PEG ratio of 1.43 and a beta of 1.90. The business’s 50-day moving average is $65.26 and its 200 day moving average is $48.92.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share 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 return on equity of 24.69% and a net margin of 10.84%. The business’s revenue for the quarter was up 35.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.21) EPS. On average, sell-side analysts anticipate 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 that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the sale, the insider now owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AppLovin news, insider Victoria Valenzuela sold 2,890 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $57.76, for a total value of $166,926.40. Following the sale, the insider now owns 546,560 shares of the company’s stock, valued at $31,569,305.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew Stumpf sold 2,775 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $63.30, for a total value of $175,657.50. Following the sale, the chief financial officer now directly owns 362,264 shares in the company, valued at approximately $22,931,311.20. The disclosure for this sale can be found here. Insiders have sold a total of 61,215 shares of company stock valued at $4,416,815 over the last quarter. 12.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On AppLovin

Institutional investors and hedge funds have recently modified their holdings of the company. Sapient Capital LLC acquired a new position in AppLovin in the fourth quarter valued at $165,057,000. State Street Corp boosted its stake in AppLovin by 1,194.0% in the second quarter. State Street Corp now owns 3,040,806 shares of the company’s stock valued at $104,725,000 after acquiring an additional 2,805,820 shares in the last quarter. AQR Capital Management LLC boosted its stake in AppLovin by 425.7% in the fourth quarter. AQR Capital Management LLC now owns 3,134,934 shares of the company’s stock valued at $32,917,000 after acquiring an additional 2,538,618 shares in the last quarter. Norges Bank acquired a new position in AppLovin in the fourth quarter valued at $22,402,000. Finally, JPMorgan Chase & Co. boosted its stake in AppLovin by 2,856.9% in the first quarter. JPMorgan Chase & Co. now owns 1,851,900 shares of the company’s stock valued at $29,167,000 after acquiring an additional 1,789,271 shares in the last quarter. 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.