Pacific Heights Asset Management LLC Makes New $23.46 Million Investment in AppLovin Corporation $APP

Pacific Heights Asset Management LLC acquired a new position in shares of AppLovin Corporation (NASDAQ:APP) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 67,000 shares of the company’s stock, valued at approximately $23,455,000. AppLovin accounts for about 1.2% of Pacific Heights Asset Management LLC’s holdings, making the stock its 14th biggest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in AppLovin by 7.3% during the first quarter. Vanguard Group Inc. now owns 17,830,675 shares of the company’s stock worth $4,724,594,000 after buying an additional 1,213,536 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in AppLovin by 36.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,588,483 shares of the company’s stock worth $1,745,752,000 after buying an additional 1,769,400 shares during the period. Baillie Gifford & Co. boosted its stake in AppLovin by 29.0% during the first quarter. Baillie Gifford & Co. now owns 5,270,355 shares of the company’s stock worth $1,396,486,000 after buying an additional 1,185,859 shares during the period. Invesco Ltd. lifted its position in shares of AppLovin by 32.9% during the first quarter. Invesco Ltd. now owns 4,011,306 shares of the company’s stock worth $1,062,876,000 after purchasing an additional 992,316 shares during the last quarter. Finally, Kensico Capital Management Corp lifted its position in shares of AppLovin by 12.9% during the first quarter. Kensico Capital Management Corp now owns 2,879,000 shares of the company’s stock worth $762,849,000 after purchasing an additional 328,000 shares during the last quarter. 41.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Zacks Research downgraded AppLovin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Oppenheimer set a $740.00 target price on AppLovin in a research report on Tuesday, October 7th. Royal Bank Of Canada assumed coverage on AppLovin in a research report on Monday, October 13th. They set an “outperform” rating and a $700.00 target price for the company. Bank of America lifted their target price on AppLovin from $580.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Finally, Scotiabank reiterated an “outperform” rating on shares of AppLovin in a research report on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $605.13.

AppLovin Stock Performance

APP stock opened at $552.64 on Wednesday. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The business has a 50-day moving average price of $559.97 and a 200 day moving average price of $416.72. The company has a market capitalization of $186.93 billion, a P/E ratio of 78.50, a PEG ratio of 3.07 and a beta of 2.53. AppLovin Corporation has a 1-year low of $157.88 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.21. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The firm’s quarterly revenue was up 77.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share. As a group, equities research analysts forecast that AppLovin Corporation will post 6.87 EPS for the current fiscal year.

Insider Transactions at AppLovin

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of the business’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $502.23, for a total value of $17,578,050.00. Following the completion of the transaction, the insider directly owned 269,955 shares in the company, valued at approximately $135,579,499.65. The trade was a 11.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Arash Adam Foroughi sold 26,200 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $440.23, for a total transaction of $11,534,026.00. Following the completion of the transaction, the chief executive officer owned 2,590,054 shares of the company’s stock, valued at $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,156,788 shares of company stock valued at $514,863,333. Insiders own 13.66% of the company’s stock.

AppLovin Company 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.