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

Key Points

• Balboa Wealth Partners increased its AppLovin stake by 22.3% in the first quarter, buying 2,490 additional shares and bringing its total holding to 13,640 shares worth about $5.43 million.
• Insider selling has been significant recently, including director Eduardo Vivas selling 163,910 shares and insider Victoria Valenzuela selling 20,000 shares; insiders have sold 389,924 shares over the past 90 days.
• AppLovin reported strong quarterly results, beating analyst expectations on both earnings and revenue, while analysts still largely rate the stock a “Moderate Buy” with a consensus price target of $669.62.

Balboa Wealth Partners raised its position in AppLovin Corporation (NASDAQ:APP - Free Report) by 22.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,640 shares of the company's stock after buying an additional 2,490 shares during the period. AppLovin accounts for 0.9% of Balboa Wealth Partners' investment portfolio, 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 hedge funds have also recently modified their holdings of the company. Board of the Pension Protection Fund bought a new stake in AppLovin in the fourth quarter worth about $27,000. Washington Trust Advisors Inc. boosted its stake in AppLovin by 160.0% in the fourth quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after acquiring an additional 24 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new position in shares of AppLovin during the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC purchased a new stake in shares of AppLovin during the 4th quarter worth approximately $32,000. Finally, Graney & King LLC purchased a new stake in shares of AppLovin during the 3rd quarter worth approximately $36,000. Institutional investors own 41.85% of the company's stock.

Insider Activity at AppLovin

In other AppLovin news, Director Eduardo Vivas sold 163,910 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director owned 6,785,087 shares of the company's stock, valued at $3,420,090,953.22. The trade was a 2.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Victoria Valenzuela sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the transaction, the insider directly owned 243,961 shares of the company's stock, valued at approximately $138,055,090.29. This represents a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 389,924 shares of company stock valued at $195,693,875 in the last ninety days. 13.66% of the stock is currently owned by corporate insiders.

AppLovin Stock Performance

Shares of APP opened at $469.71 on Monday. The business's 50-day moving average price is $492.23 and its 200-day moving average price is $517.06. AppLovin Corporation has a twelve month low of $320.00 and a twelve month high of $745.61. The stock has a market cap of $157.79 billion, a PE ratio of 40.35, a P/E/G ratio of 0.76 and a beta of 2.45. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 EPS for the quarter, beating analysts' consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin's revenue was up 58.9% compared to the same quarter last year. During the same period last year, the business earned $1.67 earnings per share. On average, equities analysts forecast that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on APP shares. UBS Group dropped their price objective on AppLovin from $740.00 to $716.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC restated a "buy" rating and issued a $700.00 target price on shares of AppLovin in a research note on Thursday, May 28th. JPMorgan Chase & Co. upped their price target on AppLovin from $500.00 to $515.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Morgan Stanley reiterated an "overweight" rating on shares of AppLovin in a research note on Wednesday, May 27th. Finally, Weiss Ratings lowered AppLovin from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $669.62.

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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