Applovin Stock Has Risen Over The Past Three Months: What's Going On?

Applovin Corp. APP stock is about 30% over the past three months. Here’s what you need to know.

What To Know: In May, the company reported better-than-expected earnings. Applovin reported earnings per share of $1.67, beating the consensus estimate of $1.45. In addition, the company reported sales of $1.48 billion, beating the consensus estimate of $1.38 billion.

It detailed its sales even further, reporting advertising revenue of $1.15 billion, representing a 71% year-over-year climb and apps revenue of $325 million, representing a 14% fall year-over-year.

It reported net cash from operating activities of $832 million and free cash flow of $826 million.

Following the earnings report, multiple analysts issued price target adjustments.

• UBS analyst John Hodulik maintained a Buy rating on AppLovin and raised the price target from $450 to $475.
• JP Morgan analyst Cory Carpenter maintained a Neutral rating on AppLovin and raised the price target from $270 to $355.
• Jefferies analyst James Heaney maintained a Buy rating on AppLovin and raised the price target from $460 to $530.
• Morgan Stanley analyst Matthew Cost maintained an Overweight rating on AppLovin and raised the price target from $350 to $420.

Last week, Piper Sandler analyst James Callahan reiterated an Overweight rating on AppLovin and raised the price target from $455 to $470.

The consensus price target for Applovin is $328.68 with the lowest price target at $53.20 and the highest price target at $650.

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APP Price Action: At the time of writing, Applovin stock is trading 4.01% higher at $347.15, according to data from Benzinga Pro.

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