Pacific Heights Asset Management LLC Has $75.45 Million Stock Holdings in AppLovin Corporation $APP

Pacific Heights Asset Management LLC grew its stake in AppLovin Corporation (NASDAQ:APP) by 56.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 105,000 shares of the company’s stock after buying an additional 38,000 shares during the quarter. AppLovin makes up approximately 3.3% of Pacific Heights Asset Management LLC’s portfolio, making the stock its 7th biggest position. Pacific Heights Asset Management LLC’s holdings in AppLovin were worth $75,447,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Concurrent Investment Advisors LLC lifted its position in AppLovin by 31.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,646 shares of the company’s stock worth $1,627,000 after buying an additional 1,114 shares during the last quarter. Lazard Freres Gestion S.A.S. bought a new position in AppLovin during the third quarter valued at approximately $2,514,000. Thames Capital Management LLC raised its stake in shares of AppLovin by 114.8% during the third quarter. Thames Capital Management LLC now owns 16,702 shares of the company’s stock worth $12,001,000 after acquiring an additional 8,925 shares in the last quarter. Rakuten Securities Inc. raised its stake in shares of AppLovin by 118.0% during the third quarter. Rakuten Securities Inc. now owns 10,540 shares of the company’s stock worth $7,573,000 after acquiring an additional 5,705 shares in the last quarter. Finally, Aberdeen Group plc lifted its holdings in shares of AppLovin by 6.5% in the 2nd quarter. Aberdeen Group plc now owns 114,180 shares of the company’s stock worth $39,972,000 after acquiring an additional 7,001 shares during the last quarter. Hedge funds and other institutional investors own 41.85% of the company’s stock.

AppLovin Stock Down 6.3%

NASDAQ APP opened at $568.76 on Tuesday. The company has a debt-to-equity ratio of 2.38, a current ratio of 3.25 and a quick ratio of 3.25. The stock has a market capitalization of $192.21 billion, a PE ratio of 69.02, a PEG ratio of 1.88 and a beta of 2.50. AppLovin Corporation has a 1 year low of $200.50 and a 1 year high of $745.61. The business’s 50-day moving average is $637.78 and its 200 day moving average is $556.94.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, November 5th. The company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.11. AppLovin had a return on equity of 258.49% and a net margin of 51.27%.The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the company posted $1.29 EPS. AppLovin’s quarterly revenue was up 68.2% compared to the same quarter last year. Sell-side analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Insider Activity at AppLovin

In related news, CEO Arash Adam Foroughi sold 30,888 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $520.29, for a total value of $16,070,717.52. Following the completion of the sale, the chief executive officer owned 2,553,161 shares of the company’s stock, valued at $1,328,384,136.69. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Vasily Shikin sold 27,143 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $545.38, for a total transaction of $14,803,249.34. Following the transaction, the chief technology officer directly owned 3,323,681 shares in the company, valued at approximately $1,812,669,143.78. The trade was a 0.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 340,336 shares of company stock worth $200,062,623 over the last quarter. 13.66% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. The Goldman Sachs Group increased their target price on shares of AppLovin from $630.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Citigroup reduced their price objective on AppLovin from $850.00 to $820.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Scotiabank lifted their price objective on AppLovin from $575.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $705.00 target price on AppLovin and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Finally, Morgan Stanley raised their price target on AppLovin from $750.00 to $800.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $706.76.

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.