Mirae Asset Global Investments Co. Ltd. Has $31.37 Million Position in AppLovin Corporation (NASDAQ:APP)

Mirae Asset Global Investments Co. Ltd. increased its position in shares of AppLovin Corporation (NASDAQ:APP - Free Report) by 53.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 115,726 shares of the company's stock after buying an additional 40,166 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in AppLovin were worth $31,373,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fuller & Thaler Asset Management Inc. acquired a new stake in AppLovin in the 4th quarter worth $25,000. Riverview Trust Co lifted its stake in shares of AppLovin by 1,640.0% in the fourth quarter. Riverview Trust Co now owns 87 shares of the company's stock valued at $28,000 after buying an additional 82 shares during the period. Tucker Asset Management LLC acquired a new stake in AppLovin during the fourth quarter worth about $28,000. Smithfield Trust Co bought a new position in AppLovin during the fourth quarter valued at about $32,000. Finally, Atala Financial Inc bought a new stake in shares of AppLovin in the 1st quarter worth approximately $26,000. 41.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AppLovin

In other news, Director Herald Y. Chen sold 400,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $374.61, for a total value of $149,844,000.00. Following the completion of the transaction, the director owned 221,209 shares in the company, valued at $82,867,103.49. This trade represents a 64.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arash Adam Foroughi sold 100,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $367.51, for a total value of $36,751,000.00. Following the completion of the sale, the chief executive officer directly owned 2,760,363 shares of the company's stock, valued at approximately $1,014,461,006.13. The trade was a 3.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,212,968 shares of company stock worth $455,062,980 in the last three months. 13.66% of the stock is currently owned by company insiders.

AppLovin Stock Down 0.4%

APP traded down $1.46 during trading on Wednesday, hitting $335.23. The company had a trading volume of 3,192,822 shares, compared to its average volume of 6,204,275. The company has a market capitalization of $113.44 billion, a PE ratio of 60.57, a PEG ratio of 2.09 and a beta of 2.43. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 6.10. AppLovin Corporation has a one year low of $60.67 and a one year high of $525.15. The firm's 50-day moving average price is $347.96 and its 200 day moving average price is $333.88.

AppLovin (NASDAQ:APP - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.22. AppLovin had a return on equity of 224.65% and a net margin of 37.38%. The company had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.38 billion. During the same period in the prior year, the firm earned $0.67 earnings per share. AppLovin's revenue for the quarter was up 40.3% compared to the same quarter last year. As a group, equities analysts expect that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on APP shares. Benchmark restated a "buy" rating and set a $525.00 target price on shares of AppLovin in a research report on Thursday, May 8th. Wells Fargo & Company increased their price objective on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Jefferies Financial Group raised their target price on shares of AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Morgan Stanley boosted their price target on shares of AppLovin from $420.00 to $460.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, Piper Sandler restated an "overweight" rating and issued a $470.00 price objective (up from $455.00) on shares of AppLovin in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AppLovin presently has a consensus rating of "Moderate Buy" and an average target price of $438.85.

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.