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

Pacific Heights Asset Management LLC grew its stake in AppLovin Corporation (NASDAQ:APP) by 14.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 120,000 shares of the company’s stock after purchasing an additional 15,000 shares during the quarter. AppLovin makes up about 3.0% of Pacific Heights Asset Management LLC’s holdings, making the stock its 7th largest position. Pacific Heights Asset Management LLC’s holdings in AppLovin were worth $80,858,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Board of the Pension Protection Fund purchased a new stake in AppLovin in the 4th quarter valued at $27,000. Washington Trust Advisors Inc. boosted its holdings in AppLovin by 160.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 24 shares during the last quarter. Chilton Capital Management LLC bought a new stake in shares of AppLovin in the 3rd quarter worth $29,000. Activest Wealth Management grew its stake in shares of AppLovin by 760.0% in the 3rd quarter. Activest Wealth Management now owns 43 shares of the company’s stock worth $31,000 after acquiring an additional 38 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of AppLovin in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 41.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on APP shares. UBS Group dropped their price target on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Jefferies Financial Group reduced their target price on AppLovin from $860.00 to $700.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Scotiabank increased their price target on AppLovin from $750.00 to $775.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. 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. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $700.00 price objective on shares of AppLovin in a research note on Thursday, February 12th. 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, AppLovin presently has an average rating of “Moderate Buy” and an average price target of $664.35.

Insider Transactions at AppLovin

In other news, CTO Vasily Shikin sold 62,804 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $486.43, for a total value of $30,549,749.72. Following the sale, the chief technology officer owned 3,255,273 shares of the company’s stock, valued at $1,583,462,445.39. The trade was a 1.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $466.04, for a total transaction of $23,302,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,480,414 shares of the company’s stock, valued at approximately $1,155,972,140.56. This trade represents a 1.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 365,244 shares of company stock worth $169,584,607 over the last quarter. Corporate insiders own 13.66% of the company’s stock.

AppLovin Stock Performance

Shares of APP opened at $501.00 on Monday. AppLovin Corporation has a 1 year low of $320.00 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The stock’s fifty day moving average price is $447.26 and its two-hundred day moving average price is $528.32. The firm has a market cap of $168.31 billion, a PE ratio of 43.04, a PEG ratio of 0.81 and a beta of 2.37.

AppLovin (NASDAQ:APP) last announced 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 return on equity of 219.37% and a net margin of 64.29%.The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the firm posted $1.67 EPS. The firm’s revenue for the quarter was up 58.9% on a year-over-year basis. On average, equities research analysts forecast that AppLovin Corporation will post 15.86 EPS for the current year.

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.