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

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

Other equities analysts have also issued research reports about the stock. 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 for the company. UBS Group upped their target price on shares of AppLovin from $46.00 to $55.00 and gave the stock a neutral rating in a research report on Thursday, February 15th. BTIG Research upped their target price on shares of AppLovin from $65.00 to $87.00 and gave the stock a buy rating in a research report on Tuesday, April 9th. Wedbush upped their target price on shares of AppLovin from $67.00 to $87.00 and gave the stock an outperform rating in a research report on Thursday, April 11th. Finally, Oppenheimer upped their target price on shares of AppLovin from $70.00 to $85.00 and gave the stock an outperform rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $59.31.

AppLovin Stock Down 2.9 %

APP opened at $68.86 on Tuesday. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 2.31. The firm has a 50 day moving average price of $64.85 and a 200-day moving average price of $48.74. AppLovin has a twelve month low of $15.41 and a twelve month high of $79.55. The stock has a market capitalization of $23.55 billion, a price-to-earnings ratio of 68.86, a PEG ratio of 1.46 and a beta of 1.90.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.14. AppLovin had a net margin of 10.84% and a return on equity of 24.69%. The firm had revenue of $953.26 million during the quarter, compared to analysts’ expectations of $928.66 million. During the same period in the previous year, the company earned ($0.21) earnings per share. The firm’s quarterly revenue was up 35.7% on a year-over-year basis. Equities research analysts forecast that AppLovin will post 2.47 earnings per share for the current year.

Insider Activity

In other news, insider Victoria Valenzuela sold 2,890 shares of the stock in a transaction on Thursday, February 22nd. The shares were 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 legal filing with the SEC, which is available at this hyperlink. In related news, insider Victoria Valenzuela sold 2,890 shares of the firm’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 owns 546,560 shares of the company’s stock, valued at approximately $31,569,305.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew Stumpf sold 2,775 shares of the firm’s stock in a transaction dated 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 transaction, 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. Over the last quarter, insiders have sold 61,215 shares of company stock valued at $4,416,815. 12.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Atlas Capital Advisors LLC purchased a new position in AppLovin in the 1st quarter worth about $38,000. FinTrust Capital Advisors LLC bought a new position in AppLovin during the 4th quarter worth about $32,000. BluePath Capital Management LLC bought a new position in AppLovin during the 3rd quarter worth about $33,000. Tower Research Capital LLC TRC grew its holdings in AppLovin by 86.1% during the 3rd 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 bought a new position in AppLovin during the 3rd quarter worth about $38,000. 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.