AppLovin (NASDAQ:APP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

AppLovin (NASDAQ:APP - Get Free Report) had its target price raised by analysts at Morgan Stanley from $420.00 to $460.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 15.01% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. Piper Sandler raised their price target on shares of AppLovin from $425.00 to $455.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. FBN Securities started coverage on AppLovin in a report on Friday, March 28th. They set an "outperform" rating and a $385.00 price objective on the stock. Bank of America increased their price target on shares of AppLovin from $375.00 to $580.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Citigroup reiterated a "buy" rating on shares of AppLovin in a report on Thursday, May 29th. Finally, Benchmark reaffirmed a "buy" rating and set a $525.00 target price on shares of AppLovin in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, AppLovin presently has an average rating of "Moderate Buy" and a consensus price target of $438.10.

AppLovin Trading Down 4.3%

Shares of NASDAQ APP traded down $17.93 during midday trading on Monday, reaching $399.96. 3,828,391 shares of the stock were exchanged, compared to its average volume of 6,110,000. AppLovin has a twelve month low of $60.67 and a twelve month high of $525.15. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41. The company has a 50 day simple moving average of $311.16 and a 200 day simple moving average of $332.43. The stock has a market capitalization of $135.34 billion, a P/E ratio of 88.05, a PEG ratio of 3.02 and a beta of 2.53.

AppLovin (NASDAQ:APP - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.22. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.38 billion. AppLovin had a net margin of 33.54% and a return on equity of 188.55%. The company's revenue for the quarter was up 40.3% compared to the same quarter last year. During the same period last year, the firm posted $0.67 earnings per share. As a group, equities analysts expect that AppLovin will post 6.87 earnings per share for the current year.

Insiders Place Their Bets

In other AppLovin news, Director Craig Scott Billings sold 12,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $353.12, for a total transaction of $4,237,440.00. Following the completion of the transaction, the director now owns 2,987 shares of the company's stock, valued at $1,054,769.44. This trade represents a 80.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew Stumpf sold 9,714 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were 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 in the company, valued at approximately $81,394,083. This represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,211,468 shares of company stock worth $454,489,290. 14.69% of the stock is owned by corporate insiders.

Institutional Trading of AppLovin

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin during the 4th quarter valued at approximately $25,000. Atala Financial Inc acquired a new position in shares of AppLovin in the 1st quarter valued at $26,000. Alpine Bank Wealth Management purchased a new stake in AppLovin in the 1st quarter worth about $27,000. Riverview Trust Co increased its position in AppLovin by 1,640.0% in the 4th quarter. Riverview Trust Co now owns 87 shares of the company's stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Finally, Tucker Asset Management LLC acquired a new stake in shares of AppLovin in the 4th quarter valued at $28,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

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.

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