Zynga Coverage Initiated by Analysts at Benchmark Co. (ZNGA)
Research analysts at Benchmark Co. started coverage on shares of Zynga (NASDAQ:ZNGA) in a report released on Thursday, TheFlyOnTheWall.com reports. The firm set a “hold” rating and a $2.98 price target on the stock. Benchmark Co.’s target price would suggest a potential upside of 8.36% from the company’s current price.
The analysts wrote, “The Company’s product portfolio and subsequent financial performance should benefit from the rapidly expanding smartphone / tablet hardware device market and related consumer software ecosystem. A new generation of gamers is growing up on mobile platforms, with connected mobility offering a personalized entertainment / utility platform that will forever disrupt the traditional game landscape, and where the Company’s product portfolio should directly benefit. We pacified our bullish enthusiasm over compelling market trends with an acknowledgement that the extreme value destruction from an accelerated player fade within their web business could persist indefinitely; a continued suggestive that the Company must provide a believable web stabilization trend and / or material mobile acceleration; before valuation can reset a positive forward trend.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Janney Montgomery Scott initiated coverage on shares of Zynga in a research note to investors on Monday. They set a “sell” rating and a $2.50 price target on the stock. Separately, analysts at Zacks downgraded shares of Zynga from an “outperform” rating to a “neutral” rating in a research note to investors on Thursday, August 8th. They now have a $3.50 price target on the stock. Finally, analysts at Piper Jaffray Cos. cut their price target on shares of Zynga from $3.35 to $3.00 in a research note to investors on Friday, July 26th. They now have a “neutral” rating on the stock.
Seven equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. Zynga presently has an average rating of “Hold” and a consensus target price of $3.43.
Zynga (NASDAQ:ZNGA) traded up 1.82% on Thursday, hitting $2.8001. 3,680,642 shares of the company’s stock traded hands. Zynga has a 52-week low of $2.09 and a 52-week high of $4.03. The stock’s 50-day moving average is $3.14 and its 200-day moving average is $3.21. The company’s market cap is $2.252 billion.
Zynga (NASDAQ:ZNGA) last posted its quarterly earnings results on Thursday, July 25th. The company reported ($0.01) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.04) by $0.03. The company had revenue of $230.70 million for the quarter, compared to the consensus estimate of $224.30 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. The company’s quarterly revenue was down 30.6% on a year-over-year basis. On average, analysts predict that Zynga will post $-0.08 earnings per share for the current fiscal year.
In other Zynga news, VP Cadir Lee sold 50,017 shares of Zynga stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $2.95, for a total value of $147,550.15. Following the completion of the sale, the vice president now directly owns 602,362 shares of the company’s stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Zynga Inc (NASDAQ:ZNGA), is a provider of social game services with 240 million average monthly active users over 175 countries.
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