Activision Blizzard Inc. (ATVI) Stock Rating Reaffirmed by Jefferies Group
Activision Blizzard Inc. (NASDAQ:ATVI)‘s stock had its “buy” rating reiterated by analysts at Jefferies Group in a research note issued on Wednesday. They currently have a $55.00 target price on the stock. Jefferies Group’s target price would indicate a potential upside of 24.63% from the company’s previous close.
Several other equities analysts have also weighed in on the stock. MKM Partners lowered shares of Activision Blizzard from a “buy” rating to a “neutral” rating and increased their price target for the company from $40.00 to $42.00 in a research report on Thursday, July 28th. They noted that the move was a valuation call. Robert W. Baird restated an “outperform” rating and set a $46.00 price target (up previously from $43.00) on shares of Activision Blizzard in a research report on Sunday, August 7th. Piper Jaffray Cos. restated an “overweight” rating and set a $42.00 price target on shares of Activision Blizzard in a research report on Wednesday, July 27th. BMO Capital Markets restated a “market perform” rating and set a $38.00 price target on shares of Activision Blizzard in a research report on Wednesday, August 10th. Finally, Stifel Nicolaus increased their price target on shares of Activision Blizzard from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $43.42.
Activision Blizzard (NASDAQ:ATVI) opened at 44.13 on Wednesday. The firm has a 50-day moving average of $41.73 and a 200 day moving average of $38.10. Activision Blizzard has a 12-month low of $26.49 and a 12-month high of $44.84. The company has a market capitalization of $32.72 billion, a price-to-earnings ratio of 44.44 and a beta of 1.02.
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Activision Blizzard (NASDAQ:ATVI) last posted its earnings results on Thursday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.03. Activision Blizzard had a net margin of 13.95% and a return on equity of 14.49%. The firm earned $1.57 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the business posted $0.13 EPS. The business’s revenue was up 112.0% compared to the same quarter last year. Analysts expect that Activision Blizzard will post $1.97 EPS for the current fiscal year.
In related news, CEO Riccardo Zacconi sold 19,761 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $40.65, for a total value of $803,284.65. Following the sale, the chief executive officer now directly owns 97,177 shares of the company’s stock, valued at $3,950,245.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher B. Walther sold 45,574 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $42.73, for a total transaction of $1,947,377.02. The disclosure for this sale can be found here. 25.23% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in ATVI. FMR LLC increased its stake in shares of Activision Blizzard by 88.7% in the second quarter. FMR LLC now owns 105,342,767 shares of the company’s stock worth $4,174,735,000 after buying an additional 49,511,148 shares in the last quarter. Lone Pine Capital LLC bought a new stake in shares of Activision Blizzard during the second quarter worth $407,916,000. Ameriprise Financial Inc. increased its stake in shares of Activision Blizzard by 45.0% in the second quarter. Ameriprise Financial Inc. now owns 30,276,592 shares of the company’s stock worth $1,199,862,000 after buying an additional 9,390,129 shares in the last quarter. Davis Selected Advisers bought a new stake in shares of Activision Blizzard during the second quarter worth $278,503,000. Finally, Winslow Capital Management LLC bought a new stake in shares of Activision Blizzard during the second quarter worth $258,954,000. 83.91% of the stock is currently owned by institutional investors and hedge funds.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
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