Pacific Heights Asset Management LLC Has $80.86 Million Holdings in AppLovin Corporation $APP

Key Points

• Pacific Heights Asset Management boosted its AppLovin stake by 14.3% in the fourth quarter, ending with 120,000 shares worth about $80.86 million. AppLovin is now its 7th-largest holding and makes up 3.0% of its portfolio.
• AppLovin insiders have been selling shares, including CTO Vasily Shikin and CEO Arash Adam Foroughi, with $169.6 million worth of insider stock sold over the last quarter.
• The company reported strong quarterly results, beating EPS and revenue estimates, while analysts remain broadly positive with a Moderate Buy consensus and a price target of $664.35.

Pacific Heights Asset Management LLC increased its stake in AppLovin Corporation (NASDAQ:APP - Free Report) by 14.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 120,000 shares of the company's stock after acquiring an additional 15,000 shares during the quarter. AppLovin comprises 3.0% of Pacific Heights Asset Management LLC's holdings, making the stock its 7th largest holding. Pacific Heights Asset Management LLC's holdings in AppLovin were worth $80,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Board of the Pension Protection Fund bought a new position in AppLovin during the 4th quarter worth approximately $27,000. Washington Trust Advisors Inc. boosted its stake in shares of AppLovin by 160.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company's stock valued at $27,000 after purchasing an additional 24 shares during the last quarter. Chilton Capital Management LLC acquired a new stake in shares of AppLovin during the third quarter worth $29,000. Activest Wealth Management increased its position in shares of AppLovin by 760.0% during the third quarter. Activest Wealth Management now owns 43 shares of the company's stock worth $31,000 after buying an additional 38 shares during the period. Finally, Laurel Wealth Advisors LLC bought a new position in AppLovin during the fourth quarter worth $32,000. Institutional investors and hedge funds own 41.85% of the company's stock.

Insiders Place Their Bets

In other news, CTO Vasily Shikin sold 62,804 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $486.43, for a total transaction of $30,549,749.72. Following the transaction, the chief technology officer directly owned 3,255,273 shares of the company's stock, valued at $1,583,462,445.39. This represents a 1.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Arash Adam Foroughi sold 50,000 shares of AppLovin stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the sale, the chief executive officer directly owned 2,480,414 shares of the company's stock, valued at approximately $1,155,972,140.56. The trade was a 1.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 365,244 shares of company stock worth $169,584,607. Corporate insiders own 13.66% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. UBS Group dropped 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. BTIG Research reissued a "buy" rating and issued a $640.00 price objective on shares of AppLovin in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $660.00 price objective on shares of AppLovin in a research note on Thursday, May 7th. Jefferies Financial Group cut their target price on AppLovin from $860.00 to $700.00 and set a "buy" rating on the stock in a research report on Thursday, February 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $700.00 target price on shares of AppLovin in a research note on Thursday, May 7th. One 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $664.35.

AppLovin Stock Performance

NASDAQ:APP opened at $501.00 on Monday. 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 stock has a market capitalization of $168.31 billion, a price-to-earnings ratio of 43.04, a PEG ratio of 0.81 and a beta of 2.37. The firm has a fifty day simple moving average of $447.26 and a two-hundred day simple moving average of $528.32.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.12. The firm had revenue of $1.84 billion for 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%. The business's quarterly revenue was up 58.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.67 earnings per share. Analysts expect that AppLovin Corporation will post 15.86 EPS for the current fiscal year.

AppLovin Profile

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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