Balboa Wealth Partners Has $4.84 Million Position in AppLovin Corporation $APP

Key Points

• Balboa Wealth Partners cut its position in AppLovin Corporation by 7.8%, owning 13,815 shares worth approximately $4.84 million, making it the 21st largest holding in their portfolio.
• Several institutions have adjusted their stakes in AppLovin, with 41.85% of shares now owned by institutional investors and hedge funds, indicating significant interest in the company.
• AppLovin received upgraded price targets from multiple analysts, with UBS Group and Bank of America raising their targets to $810 and $860 respectively, reflecting strong investor confidence in the company's growth potential.

Balboa Wealth Partners cut its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,815 shares of the company's stock after selling 1,168 shares during the quarter. AppLovin accounts for 1.0% of Balboa Wealth Partners' portfolio, making the stock its 21st biggest holding. Balboa Wealth Partners' holdings in AppLovin were worth $4,836,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in APP. Vestcor Inc grew its holdings in shares of AppLovin by 0.8% during the 1st quarter. Vestcor Inc now owns 4,108 shares of the company's stock worth $1,088,000 after purchasing an additional 33 shares in the last quarter. Fortitude Family Office LLC boosted its stake in AppLovin by 32.7% during the second quarter. Fortitude Family Office LLC now owns 138 shares of the company's stock worth $48,000 after buying an additional 34 shares in the last quarter. GSG Advisors LLC raised its stake in shares of AppLovin by 0.3% in the 1st quarter. GSG Advisors LLC now owns 10,256 shares of the company's stock valued at $2,820,000 after buying an additional 35 shares in the last quarter. Argentarii LLC lifted its holdings in shares of AppLovin by 1.5% during the 1st quarter. Argentarii LLC now owns 2,638 shares of the company's stock worth $699,000 after acquiring an additional 40 shares during the period. Finally, Atlas Capital Advisors Inc. boosted its position in shares of AppLovin by 11.3% during the 1st quarter. Atlas Capital Advisors Inc. now owns 394 shares of the company's stock valued at $104,000 after acquiring an additional 40 shares in the last quarter. Institutional investors and hedge funds own 41.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. UBS Group raised their price target on shares of AppLovin from $540.00 to $810.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. Bank of America increased their target price on shares of AppLovin from $580.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Phillip Securities upgraded shares of AppLovin to a "moderate buy" rating in a research note on Monday, September 29th. Oppenheimer set a $740.00 target price on AppLovin in a research note on Tuesday, October 7th. Finally, Royal Bank Of Canada started coverage on shares of AppLovin in a research report on Monday, October 13th. They issued an "outperform" rating and a $700.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and a consensus price target of $600.59.

Insider Activity at AppLovin

In other news, CTO Vasily Shikin sold 30,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $437.57, for a total value of $13,127,100.00. Following the completion of the transaction, the chief technology officer owned 3,360,104 shares in the company, valued at $1,470,280,707.28. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 35,000 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the completion of the sale, the insider directly owned 269,955 shares in the company, valued at $135,579,499.65. This represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Corporate insiders own 13.66% of the company's stock.

AppLovin Stock Performance

Shares of APP stock opened at $599.31 on Monday. The stock has a 50-day moving average of $556.25 and a 200-day moving average of $413.34. AppLovin Corporation has a one year low of $141.35 and a one year high of $745.61. The stock has a market cap of $202.72 billion, a PE ratio of 85.13, a price-to-earnings-growth ratio of 3.25 and a beta of 2.53. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74.

AppLovin (NASDAQ:APP - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.21. AppLovin had a net margin of 45.72% and a return on equity of 252.67%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the business posted $0.89 earnings per share. The business's revenue for the quarter was up 77.1% compared to the same quarter last year. As a group, sell-side analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

AppLovin 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.

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