Mirae Asset Global Investments Co. Ltd. Sells 20,634 Shares of AppLovin Corporation $APP

Mirae Asset Global Investments Co. Ltd. lessened its stake in shares of AppLovin Corporation (NASDAQ:APP) by 17.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,092 shares of the company’s stock after selling 20,634 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in AppLovin were worth $33,290,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. J. Safra Sarasin Holding AG increased its position in AppLovin by 66.5% during the 2nd quarter. J. Safra Sarasin Holding AG now owns 2,146 shares of the company’s stock valued at $751,000 after buying an additional 857 shares in the last quarter. ASR Vermogensbeheer N.V. increased its position in AppLovin by 25.8% during the 2nd quarter. ASR Vermogensbeheer N.V. now owns 21,895 shares of the company’s stock valued at $7,664,000 after buying an additional 4,490 shares in the last quarter. FengHe Fund Management Pte. Ltd. bought a new position in AppLovin during the 2nd quarter valued at approximately $32,289,000. Deltec Asset Management LLC bought a new position in AppLovin during the 2nd quarter valued at approximately $350,000. Finally, Trilogy Capital Inc. increased its holdings in shares of AppLovin by 15.4% in the 2nd quarter. Trilogy Capital Inc. now owns 7,412 shares of the company’s stock worth $2,595,000 after purchasing an additional 991 shares in the last quarter. Institutional investors own 41.85% of the company’s stock.

AppLovin Stock Performance

APP stock opened at $682.76 on Friday. The company has a market cap of $230.94 billion, a P/E ratio of 96.98, a price-to-earnings-growth ratio of 3.75 and a beta of 2.53. AppLovin Corporation has a 1 year low of $135.50 and a 1 year high of $745.61. The company has a debt-to-equity ratio of 3.01, a current ratio of 2.74 and a quick ratio of 2.74. The stock’s fifty day moving average price is $514.58 and its 200-day moving average price is $390.81.

AppLovin (NASDAQ:APP) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.21. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.37 billion. AppLovin had a return on equity of 252.67% and a net margin of 45.72%.The company’s revenue for the quarter was up 77.1% on a year-over-year basis. During the same period last year, the business posted $0.89 EPS. On average, equities analysts forecast that AppLovin Corporation will post 6.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on APP shares. UBS Group lifted their target price on AppLovin from $540.00 to $810.00 and gave the stock a “buy” rating in a report on Friday, September 26th. Wall Street Zen lowered AppLovin from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. BTIG Research lifted their target price on AppLovin from $547.00 to $664.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Needham & Company LLC reissued a “hold” rating on shares of AppLovin in a report on Tuesday, August 26th. Finally, Piper Sandler lifted their target price on AppLovin from $500.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, AppLovin has an average rating of “Moderate Buy” and an average target price of $578.86.

Insiders Place Their Bets

In other AppLovin news, insider Victoria Valenzuela sold 35,000 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $502.23, for a total transaction of $17,578,050.00. Following the sale, the insider directly owned 269,955 shares of the company’s stock, valued at $135,579,499.65. This trade represents a 11.48% 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, CEO Arash Adam Foroughi sold 26,200 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $440.23, for a total value of $11,534,026.00. Following the sale, the chief executive officer directly owned 2,590,054 shares in the company, valued at approximately $1,140,219,472.42. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,156,788 shares of company stock valued at $514,863,333 in the last ninety days. Insiders own 13.66% of the company’s stock.

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.