Zynga’s “Underperform” Rating Reaffirmed at Credit Suisse (ZNGA)
Zynga (NASDAQ:ZNGA)‘s stock had its “underperform” rating reaffirmed by stock analysts at Credit Suisse in a report issued on Friday. They currently have a $3.50 target price on the stock, down from their previous target price of $4.00. Credit Suisse’s price objective would indicate a potential upside of 21.53% from the company’s current price.
The analysts wrote, “Q2 bookings and EPS were at the low end of guidance, reflecting delays. Bookings were $175 million, vs. our estimate of $195 million, consensus of $191 million, and guidance of $175 – 195 million. Non-GAAP EPS was $0.00, vs. our estimate of $0.01, consensus of $0.00, and guidance of $0.00 – 0.01. Core titles appeared to perform well, but no new major games launched, apart from FarmVille 2 on mobile. We believe guidance contemplated another release late in Q2.”
Several other analysts have also recently commented on the stock. Analysts at Telsey Advisory Group cut their price target on shares of Zynga from $6.00 to $5.00 in a research note on Friday. They now have a “not rated” rating on the stock. Separately, analysts at Canaccord Genuity reiterated a “hold” rating on shares of Zynga in a research note on Friday. They now have a $4.00 price target on the stock, down previously from $5.00. Finally, analysts at Benchmark Co. reiterated a “hold” rating on shares of Zynga in a research note on Tuesday. They now have a $3.08 price target on the stock, down previously from $3.52. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Zynga presently has a consensus rating of “Hold” and a consensus price target of $3.85.
Shares of Zynga (NASDAQ:ZNGA) traded down 1.37% on Friday, hitting $2.88. The stock had a trading volume of 85,027,584 shares. Zynga has a 52-week low of $2.72 and a 52-week high of $5.89. The stock has a 50-day moving average of $3.05 and a 200-day moving average of $3.90. The company’s market cap is $2.547 billion. Zynga also was the recipient of unusually large options trading activity on Thursday. Traders bought 72,569 call options on the company. This is an increase of approximately 596% compared to the typical volume of 10,423 call options.
Zynga (NASDAQ:ZNGA) last released its earnings data on Thursday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.04. The company had revenue of $153.00 million for the quarter, compared to the consensus estimate of $191.21 million. During the same quarter in the previous year, the company posted ($0.01) earnings per share. The company’s revenue for the quarter was down 33.7% on a year-over-year basis. Analysts expect that Zynga will post $0.02 EPS for the current fiscal year.
Zynga Inc (NASDAQ:ZNGA) is the provider of social game services.
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