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

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. Morgan Stanley currently has an equal weight rating on the stock.

APP has been the subject of several other reports. UBS Group lifted their price objective on AppLovin from $46.00 to $55.00 and gave the stock a neutral rating in a research report on Thursday, February 15th. BTIG Research lifted their price objective on AppLovin from $65.00 to $87.00 and gave the stock a buy rating in a research report on Tuesday, April 9th. Oppenheimer lifted their price objective on AppLovin from $70.00 to $85.00 and gave the stock an outperform rating in a research report on Monday, April 8th. HSBC initiated coverage on AppLovin in a research report on Monday, December 18th. They issued a buy rating and a $53.20 price objective for the company. Finally, Daiwa Capital Markets initiated coverage on AppLovin in a research report on Monday. They issued a neutral rating and a $80.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $59.31.

AppLovin Stock Up 1.2 %

Shares of NASDAQ:APP opened at $72.32 on Tuesday. The firm has a market cap of $24.73 billion, a P/E ratio of 72.32, a P/E/G ratio of 1.53 and a beta of 1.90. The company has a quick ratio of 1.71, a current 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 business has a fifty day simple moving average of $63.94 and a 200 day simple moving average of $48.44.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, February 14th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.14. The business had revenue of $953.26 million during the quarter, compared to analyst estimates of $928.66 million. AppLovin had a return on equity of 24.69% and a net margin of 10.84%. AppLovin’s revenue for the quarter was up 35.7% compared to the same quarter last year. During the same period last year, the company earned ($0.21) EPS. Analysts predict that AppLovin will post 2.47 earnings per share for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $75.01, for a total transaction of $3,750,500.00. Following the completion of the transaction, the insider now owns 471,560 shares in the company, valued at approximately $35,371,715.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Victoria Valenzuela sold 50,000 shares of AppLovin stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $75.01, for a total value of $3,750,500.00. Following the sale, the insider now owns 471,560 shares of the company’s stock, valued at approximately $35,371,715.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Stumpf sold 2,775 shares of AppLovin stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $63.30, for a total transaction of $175,657.50. Following the completion of 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. In the last quarter, insiders sold 61,215 shares of company stock worth $4,416,815. Insiders own 12.43% of the company’s stock.

Institutional Investors Weigh In On AppLovin

Hedge funds have recently modified their holdings of the stock. Atlas Capital Advisors LLC bought a new position in shares of AppLovin in the first quarter worth $38,000. FinTrust Capital Advisors LLC bought a new position in shares of AppLovin in the fourth quarter worth $32,000. BluePath Capital Management LLC purchased a new position in AppLovin in the third quarter worth $33,000. Tower Research Capital LLC TRC grew its position in AppLovin by 86.1% in the third quarter. Tower Research Capital LLC TRC now owns 927 shares of the company’s stock worth $37,000 after acquiring an additional 429 shares in the last quarter. Finally, Castleview Partners LLC purchased a new position in AppLovin in the third quarter worth $38,000. 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.