Balboa Wealth Partners Purchases 2,959 Shares of AppLovin Co. (NASDAQ:APP)

Balboa Wealth Partners raised its position in AppLovin Co. (NASDAQ:APP) by 21.4% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 16,818 shares of the company’s stock after acquiring 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 SEC.

Other large investors have also recently added to or reduced their stakes in the company. Metis Global Partners LLC bought a new stake in shares of AppLovin in the 3rd quarter valued at $341,000. KBC Group NV boosted its holdings in AppLovin by 35.1% in the 3rd quarter. KBC Group NV now owns 728,016 shares of the company’s stock worth $95,042,000 after buying an additional 189,313 shares during the period. D Orazio & Associates Inc. bought a new stake in shares of AppLovin during the third quarter valued at about $210,000. Oppenheimer Asset Management Inc. boosted its position in shares of AppLovin by 10.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,351 shares of the company’s stock valued at $3,440,000 after acquiring an additional 2,385 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in AppLovin by 45.5% in the third quarter. Victory Capital Management Inc. now owns 374,892 shares of the company’s stock worth $48,942,000 after acquiring an additional 117,186 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company’s stock.

Insider Transactions at AppLovin

In related news, CTO Vasily Shikin sold 5,500 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $86.04, for a total value of $473,220.00. Following the sale, the chief technology officer now directly owns 4,536,447 shares in the company, valued at approximately $390,315,899.88. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victoria Valenzuela sold 14,166 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $89.98, for a total value of $1,274,656.68. Following the sale, the insider now owns 352,616 shares in the company, valued at approximately $31,728,387.68. This trade represents a 3.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 235,542 shares of company stock worth $32,012,275. 14.69% of the stock is currently owned by corporate insiders.

AppLovin Stock Performance

APP opened at $284.49 on Friday. The firm has a market cap of $95.09 billion, a P/E ratio of 86.21, a price-to-earnings-growth ratio of 3.56 and a beta of 1.86. AppLovin Co. has a 52-week low of $35.79 and a 52-week high of $302.55. 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 business’s fifty day moving average is $155.01 and its 200-day moving average is $107.06.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on APP shares. JPMorgan Chase & Co. lifted their price objective on AppLovin from $160.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Oppenheimer raised their price target on AppLovin from $180.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. BTIG Research raised their price objective on AppLovin from $202.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Benchmark reaffirmed a “sell” rating and set a $66.00 price target on shares of AppLovin in a research note on Thursday, November 7th. Finally, Macquarie raised their price target on shares of AppLovin from $150.00 to $270.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $194.31.

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.