AppLovin Co. (NASDAQ:APP) Shares Acquired by Balboa Wealth Partners

Balboa Wealth Partners raised its stake in AppLovin Co. (NASDAQ:APP) by 21.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 16,818 shares of the company’s stock after purchasing an additional 2,959 shares during the period. Balboa Wealth Partners’ holdings in AppLovin were worth $2,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. WCM Investment Management LLC increased its stake in AppLovin by 10.5% during the 3rd quarter. WCM Investment Management LLC now owns 10,820,409 shares of the company’s stock worth $1,382,307,000 after buying an additional 1,029,009 shares during the period. Lone Pine Capital LLC lifted its stake in AppLovin by 7.2% during the second quarter. Lone Pine Capital LLC now owns 5,702,438 shares of the company’s stock valued at $474,557,000 after purchasing an additional 382,767 shares during the last quarter. Jericho Capital Asset Management L.P. lifted its position in shares of AppLovin by 185.0% in the 1st quarter. Jericho Capital Asset Management L.P. now owns 3,890,567 shares of the company’s stock valued at $269,305,000 after acquiring an additional 2,525,240 shares in the last quarter. Fred Alger Management LLC purchased a new stake in shares of AppLovin in the 2nd quarter valued at approximately $290,655,000. Finally, Whale Rock Capital Management LLC acquired a new position in AppLovin in the 1st quarter valued at approximately $195,129,000. 41.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on APP. Macquarie upped their price objective on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company initiated coverage on shares of AppLovin in a research report on Monday, October 28th. They set an “overweight” rating and a $200.00 price target for the company. Bank of America lifted their price target on shares of AppLovin from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Loop Capital boosted their target price on shares of AppLovin from $181.00 to $385.00 and gave the stock a “buy” rating in a report on Monday. Finally, UBS Group raised shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their target price for the company from $100.00 to $145.00 in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $194.31.

Insider Buying and Selling

In other news, insider Victoria Valenzuela sold 14,166 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $89.98, for a total transaction of $1,274,656.68. Following the completion of the transaction, the insider now directly owns 352,616 shares in the company, valued at approximately $31,728,387.68. This represents a 3.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dawson Alyssa Harvey sold 1,500 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $87.90, for a total value of $131,850.00. Following the completion of the sale, the director now owns 10,247 shares in the company, valued at approximately $900,711.30. The trade was a 12.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 235,542 shares of company stock worth $32,012,275. Insiders own 14.69% of the company’s stock.

AppLovin Stock Performance

NASDAQ APP opened at $284.49 on Friday. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a market cap of $95.09 billion, a P/E ratio of 86.21, a PEG ratio of 3.56 and a beta of 1.86. AppLovin Co. has a twelve month low of $35.79 and a twelve month high of $302.55. The company’s 50-day simple moving average is $155.01 and its 200 day simple moving average is $107.06.

AppLovin (NASDAQ:APP) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.33. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.13 billion. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The business’s revenue was up 38.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.30 EPS. As a group, research analysts forecast that AppLovin Co. will post 4.06 earnings per share for the current fiscal year.

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.