Leeward Financial Partners LLC Raises Position in AppLovin Corporation $APP

Leeward Financial Partners LLC lifted its holdings in AppLovin Corporation (NASDAQ:APP) by 90.3% in the first quarter, Holdings Channel reports. The firm owned 12,627 shares of the company’s stock after buying an additional 5,990 shares during the period. AppLovin comprises about 1.5% of Leeward Financial Partners LLC’s portfolio, making the stock its 21st largest position. Leeward Financial Partners LLC’s holdings in AppLovin were worth $5,026,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in APP. Vanguard Group Inc. raised its stake in AppLovin by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 25,120,575 shares of the company’s stock valued at $16,926,746,000 after buying an additional 166,117 shares during the last quarter. State Street Corp grew its stake in shares of AppLovin by 0.4% during the fourth quarter. State Street Corp now owns 11,904,843 shares of the company’s stock worth $8,021,721,000 after acquiring an additional 52,377 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of AppLovin by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 7,167,003 shares of the company’s stock worth $4,817,269,000 after acquiring an additional 448,005 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of AppLovin by 3.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,089,735 shares of the company’s stock valued at $4,103,386,000 after acquiring an additional 212,349 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of AppLovin by 10.7% during the fourth quarter. Morgan Stanley now owns 5,561,646 shares of the company’s stock valued at $3,747,551,000 after acquiring an additional 538,806 shares in the last quarter. 41.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Oppenheimer lowered their target price on shares of AppLovin from $740.00 to $660.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. UBS Group cut their price target on shares of AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Benchmark reaffirmed a “buy” rating on shares of AppLovin in a report on Wednesday, June 10th. Piper Sandler reiterated an “overweight” rating on shares of AppLovin in a research note on Tuesday, June 9th. Finally, Wedbush reissued an “outperform” rating and set a $640.00 price objective on shares of AppLovin in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $669.62.

Insiders Place Their Bets

In other news, Director Maynard G. Webb, Jr. sold 3,076 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $582.04, for a total value of $1,790,355.04. Following the sale, the director owned 123,520 shares in the company, valued at $71,893,580.80. This represents a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victoria Valenzuela sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $565.89, for a total transaction of $11,317,800.00. Following the completion of the sale, the insider owned 243,961 shares in the company, valued at $138,055,090.29. The trade was a 7.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 389,924 shares of company stock worth $195,693,875. Company insiders own 13.66% of the company’s stock.

AppLovin Trading Down 0.5%

AppLovin stock opened at $464.87 on Thursday. The stock has a 50-day moving average price of $496.50 and a 200 day moving average price of $512.85. The company has a market capitalization of $156.17 billion, a price-to-earnings ratio of 39.94, a price-to-earnings-growth ratio of 0.76 and a beta of 2.45. AppLovin Corporation has a 52 week low of $325.58 and a 52 week high of $745.61. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.49.

AppLovin (NASDAQ:APP) last issued its quarterly earnings results 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 net margin of 64.29% and a return on equity of 219.37%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company earned $1.67 EPS. AppLovin’s quarterly revenue was up 58.9% on a year-over-year basis. Sell-side analysts anticipate that AppLovin Corporation will post 15.86 EPS for the current 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.