Mirae Asset Global Investments Co. Ltd. Acquires 40,166 Shares of AppLovin Corporation (NASDAQ:APP)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 institutional investor owned 115,726 shares of the company's stock after acquiring an additional 40,166 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in AppLovin were worth $31,373,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in APP. FMR LLC raised its position in shares of AppLovin by 75.5% in the 4th quarter. FMR LLC now owns 13,851,122 shares of the company's stock worth $4,485,409,000 after acquiring an additional 5,957,885 shares in the last quarter. SVB Wealth LLC bought a new position in shares of AppLovin in the 4th quarter worth about $1,781,922,000. Norges Bank bought a new position in shares of AppLovin in the 4th quarter worth about $828,138,000. Arrowstreet Capital Limited Partnership increased its position in AppLovin by 457.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,893,148 shares of the company's stock valued at $936,888,000 after buying an additional 2,373,885 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in AppLovin by 193.6% in the 4th quarter. Alliancebernstein L.P. now owns 2,725,101 shares of the company's stock valued at $882,469,000 after buying an additional 1,797,027 shares in the last quarter. 41.85% of the stock is owned by institutional investors.

Insider Transactions at AppLovin

In related news, Director Craig Scott Billings sold 12,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $353.12, for a total value of $4,237,440.00. Following the transaction, the director now owns 2,987 shares in the company, valued at approximately $1,054,769.44. This represents a 80.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Herald Y. Chen sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were 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 now owns 221,209 shares in the company, valued at approximately $82,867,103.49. The trade was a 64.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,212,968 shares of company stock worth $455,062,980 in the last 90 days. Insiders own 13.66% of the company's stock.

AppLovin Stock Performance

Shares of NASDAQ APP traded down $13.67 during midday trading on Friday, reaching $333.78. The company's stock had a trading volume of 18,524,276 shares, compared to its average volume of 6,199,642. AppLovin Corporation has a 12-month low of $60.67 and a 12-month high of $525.15. The firm has a 50 day moving average price of $343.55 and a 200-day moving average price of $333.63. The stock has a market capitalization of $112.95 billion, a P/E ratio of 60.25, a PEG ratio of 1.94 and a beta of 2.53. The company has a debt-to-equity ratio of 6.10, a current ratio of 1.68 and a quick ratio of 1.68.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on APP. Citigroup reaffirmed a "buy" rating on shares of AppLovin in a research report on Thursday, May 29th. Jefferies Financial Group boosted their target price on AppLovin from $460.00 to $530.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wells Fargo & Company boosted their target price on AppLovin from $386.00 to $405.00 and gave the company an "overweight" rating in a research report on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of AppLovin in a research report on Thursday. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $500.00 target price (down from $560.00) on shares of AppLovin in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, AppLovin has a consensus rating of "Moderate Buy" and an average price target of $438.85.

AppLovin 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.