Balboa Wealth Partners Acquires 2,490 Shares of AppLovin Corporation $APP

Balboa Wealth Partners increased its holdings in AppLovin Corporation (NASDAQ:APP) by 22.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,640 shares of the company’s stock after purchasing an additional 2,490 shares during the period. AppLovin makes up about 0.9% of Balboa Wealth Partners’ holdings, making the stock its 24th biggest holding. Balboa Wealth Partners’ holdings in AppLovin were worth $5,429,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in APP. State Street Corp raised its position in AppLovin by 111.1% in the 3rd quarter. State Street Corp now owns 11,852,466 shares of the company’s stock worth $8,516,471,000 after purchasing an additional 6,237,051 shares during the period. Corient Private Wealth LLC boosted its position in AppLovin by 3,118.6% during the fourth quarter. Corient Private Wealth LLC now owns 4,194,071 shares of the company’s stock valued at $2,826,049,000 after buying an additional 4,063,763 shares during the period. Norges Bank bought a new position in shares of AppLovin during the fourth quarter valued at about $2,040,321,000. Capital Research Global Investors bought a new stake in shares of AppLovin in the 3rd quarter valued at about $743,899,000. Finally, Northern Trust Corp lifted its stake in shares of AppLovin by 46.8% in the 3rd quarter. Northern Trust Corp now owns 2,374,460 shares of the company’s stock valued at $1,706,144,000 after acquiring an additional 756,660 shares during the last quarter. Institutional investors own 41.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on APP shares. BTIG Research reaffirmed a “buy” rating and issued a $640.00 price target on shares of AppLovin in a research note on Thursday, May 7th. Oppenheimer dropped their price objective on AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. UBS Group cut their target price on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on shares of AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings lowered shares of AppLovin from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $669.62.

AppLovin Price Performance

Shares of NASDAQ APP opened at $469.71 on Monday. The firm has a fifty day simple moving average of $492.23 and a two-hundred day simple moving average of $517.06. AppLovin Corporation has a 12 month low of $320.00 and a 12 month high of $745.61. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $157.79 billion, a PE ratio of 40.35, a price-to-earnings-growth ratio of 0.76 and a beta of 2.45.

AppLovin (NASDAQ:APP) last announced its earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.12. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the firm posted $1.67 EPS. The company’s revenue for the quarter was up 58.9% compared to the same quarter last year. Equities analysts expect that AppLovin Corporation will post 15.86 earnings per share for the current year.

Insider Activity

In related news, Director Eduardo Vivas sold 163,910 shares of AppLovin stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $504.06, for a total transaction of $82,620,474.60. Following the sale, the director directly owned 6,785,087 shares in the company, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Arash Adam Foroughi sold 33,042 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $486.95, for a total value of $16,089,801.90. Following the transaction, the chief executive officer directly owned 2,369,351 shares of the company’s stock, valued at $1,153,755,469.45. This represents a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 389,924 shares of company stock worth $195,693,875. Company insiders own 13.66% of the company’s stock.

About AppLovin

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.