AppLovin Corporation $APP Position Raised by Leeward Financial Partners LLC

Key Points

• Leeward Financial Partners boosted its AppLovin stake by 489.4% in the fourth quarter, ending with 6,637 shares worth about $4.47 million.
• AppLovin shares were up 10.4% amid upbeat analyst commentary, including Morgan Stanley’s Overweight rating and $720 price target, plus other firms raising or reaffirming bullish views.
• The company reported strong quarterly results, with EPS of $3.56 beating estimates and revenue of $1.84 billion topping expectations, though recent insider sales by executives have added some caution to sentiment.

Leeward Financial Partners LLC increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 489.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,637 shares of the company's stock after purchasing an additional 5,511 shares during the period. AppLovin accounts for about 1.3% of Leeward Financial Partners LLC's investment portfolio, making the stock its 26th largest holding. Leeward Financial Partners LLC's holdings in AppLovin were worth $4,472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in APP. Vanguard Group Inc. raised its holdings in AppLovin by 39.4% during the third quarter. Vanguard Group Inc. now owns 24,954,458 shares of the company's stock worth $17,930,776,000 after purchasing an additional 7,051,663 shares in the last quarter. State Street Corp increased its holdings in shares of AppLovin by 111.1% in the third quarter. State Street Corp now owns 11,852,466 shares of the company's stock valued at $8,516,471,000 after buying an additional 6,237,051 shares in the last quarter. Capital Research Global Investors bought a new position in shares of AppLovin in the third quarter valued at $743,899,000. Northern Trust Corp increased its holdings in shares of AppLovin by 46.8% in the third quarter. Northern Trust Corp now owns 2,374,460 shares of the company's stock valued at $1,706,144,000 after buying an additional 756,660 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of AppLovin by 51.0% in the third quarter. Bank of New York Mellon Corp now owns 1,493,494 shares of the company's stock valued at $1,073,135,000 after buying an additional 504,341 shares in the last quarter. Institutional investors own 41.85% of the company's stock.

More AppLovin News

Here are the key news stories impacting AppLovin this week:

• Positive Sentiment: Morgan Stanley reiterated an Overweight rating and a $720 price target on AppLovin, helping push the stock sharply higher as investors reacted to the upgraded bullish tone. AppLovin Stock Is Having a Bad Year. Why It’s Today’s Top Performer in the S&P 500.
• Positive Sentiment: Reports also said Meta Platforms is not expected to bid on certain mobile ad traffic, which could leave more market share and pricing opportunity for AppLovin in mobile advertising. AppLovin (APP) Stock Trades Up, Here Is Why
• Neutral Sentiment: Additional market chatter highlighted AppLovin as one of the stocks making big moves and one of the day’s top performers, reinforcing the momentum behind the shares. Stocks making big moves yesterday: Allient, AutoZone, Redwire, Marvell Technology, and AppLovin
• Negative Sentiment: AppLovin CTO Vasily Shikin disclosed multiple stock sales totaling tens of thousands of shares at prices around the mid-$480s, trimming his holdings by a meaningful amount; insider selling can sometimes weigh on sentiment. Vasily Shikin insider transaction filings

AppLovin Trading Up 10.4%

NASDAQ APP opened at $567.83 on Thursday. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The company has a debt-to-equity ratio of 1.49, a quick ratio of 3.24 and a current ratio of 3.24. The stock has a market cap of $190.76 billion, a price-to-earnings ratio of 48.78, a PEG ratio of 0.84 and a beta of 2.37. The firm's 50 day moving average price is $450.35 and its two-hundred day moving average price is $521.20.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $1.77 billion. During the same period in the previous year, the company posted $1.67 EPS. The company's quarterly revenue was up 58.9% compared to the same quarter last year. Equities analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $453.49, for a total transaction of $74,331,545.90. Following the transaction, the director directly owned 6,969,382 shares in the company, valued at $3,160,545,043.18. The trade was a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Vasily Shikin sold 62,804 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the transaction, the chief technology officer owned 3,255,273 shares in the company, valued at approximately $1,583,462,445.39. This represents a 1.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 454,964 shares of company stock worth $213,046,785. Corporate insiders own 13.66% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on APP shares. Wells Fargo & Company upped their price target on AppLovin from $560.00 to $571.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Argus started coverage on AppLovin in a report on Tuesday, April 14th. They issued a "buy" rating and a $520.00 price target on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $660.00 price target on shares of AppLovin in a report on Thursday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $700.00 price target on shares of AppLovin in a report on Thursday, May 7th. Finally, Oppenheimer dropped their price target on AppLovin from $740.00 to $660.00 and set an "outperform" rating on the stock in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $664.35.

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.

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