Balboa Wealth Partners Buys 2,959 Shares of AppLovin Co. (NASDAQ:APP)

Balboa Wealth Partners lifted its stake in AppLovin Co. (NASDAQ:APP - Free Report) by 21.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,818 shares of the company's stock after acquiring an additional 2,959 shares during the period. Balboa Wealth Partners' holdings in AppLovin were worth $2,196,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new stake in AppLovin in the 3rd quarter valued at $25,000. DT Investment Partners LLC acquired a new stake in AppLovin during the third quarter worth about $27,000. Raleigh Capital Management Inc. bought a new position in AppLovin during the third quarter valued at about $29,000. HM Payson & Co. raised its holdings in AppLovin by 50.0% in the 3rd quarter. HM Payson & Co. now owns 300 shares of the company's stock valued at $39,000 after acquiring an additional 100 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of AppLovin during the 3rd quarter worth approximately $42,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

AppLovin Trading Up 2.3 %

NASDAQ APP traded up $6.60 on Friday, reaching $291.09. The company had a trading volume of 24,361,492 shares, compared to its average volume of 4,402,378. AppLovin Co. has a 52 week low of $35.79 and a 52 week high of $302.55. The stock's 50 day moving average is $159.14 and its 200-day moving average is $108.57. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 3.70. The stock has a market cap of $97.30 billion, a price-to-earnings ratio of 88.21, a PEG ratio of 3.49 and a beta of 1.86.

AppLovin (NASDAQ:APP - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.33. AppLovin had a return on equity of 122.24% and a net margin of 26.85%. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same period in the prior year, the business posted $0.30 EPS. AppLovin's revenue was up 38.6% on a year-over-year basis. Equities analysts predict that AppLovin Co. will post 4.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on APP shares. Benchmark reaffirmed a "sell" rating and set a $66.00 price objective on shares of AppLovin in a report on Thursday, November 7th. Citigroup raised their target price on AppLovin from $155.00 to $185.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Stifel Nicolaus upped their price target on shares of AppLovin from $185.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Macquarie raised their price objective on shares of AppLovin from $150.00 to $270.00 and gave the company an "outperform" rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company started coverage on shares of AppLovin in a research report on Monday, October 28th. They set an "overweight" rating and a $200.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.31.

Insider Buying and Selling

In other AppLovin news, Director Dawson Alyssa Harvey sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $87.90, for a total transaction of $131,850.00. Following the sale, the director now directly owns 10,247 shares in the company, valued at approximately $900,711.30. This trade represents a 12.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Vasily Shikin sold 154,500 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.14, for a total transaction of $12,999,630.00. Following the sale, the chief technology officer now directly owns 4,530,455 shares of the company's stock, valued at $381,192,483.70. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 235,542 shares of company stock valued at $32,012,275. 14.69% of the stock is owned by company insiders.

About AppLovin

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.