Activision Blizzard Inc. (ATVI) Upgraded by Zacks Investment Research to Buy
Activision Blizzard Inc. (NASDAQ:ATVI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $50.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 11.93% from the stock’s previous close.
According to Zacks, “ACTIVISION BLIZZARD, INC. is a worldwide pure-play online and console game publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard’s portfolio includes best-selling video games such as Guitar Hero, Call of Duty, and Tony Hawk, as well as Spider-Man, X-Men, Shrek, James Bond and TRANSFORMERS, leading franchises such as Crash Bandicoot and Spyro and Blizzard Entertainment’s StarCraft, Diablo, and Warcraft franchises including the global number one subscription-based massively multi-player online role-playing game, World of Warcraft. Activision Blizzard maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Romania, Australia, Chile, India, Japan, China, the region of Taiwan and South Korea. “
A number of other research firms have also recently commented on ATVI. Jefferies Group reaffirmed a “buy” rating and set a $55.00 price target on shares of Activision Blizzard in a research note on Wednesday. Vetr cut shares of Activision Blizzard from a “hold” rating to a “sell” rating and set a $42.09 price target for the company. in a research note on Tuesday, September 13th. Robert W. Baird reaffirmed an “outperform” rating and set a $46.00 price target on shares of Activision Blizzard in a research note on Thursday, September 8th. Mizuho lifted their price objective on shares of Activision Blizzard from $46.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Finally, Bank of America Corp. reiterated a “hold” rating and set a $44.00 price objective on shares of Activision Blizzard in a report on Tuesday, September 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $43.61.
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Shares of Activision Blizzard (NASDAQ:ATVI) traded up 1.22% during midday trading on Wednesday, reaching $44.67. 9,032,293 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $41.73 and its 200 day moving average price is $38.10. The company has a market cap of $33.12 billion, a price-to-earnings ratio of 44.98 and a beta of 1.02. Activision Blizzard has a 12-month low of $26.49 and a 12-month high of $44.89.
Activision Blizzard (NASDAQ:ATVI) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $1.44 billion. During the same period in the previous year, the company earned $0.13 EPS. The firm’s revenue for the quarter was up 112.0% compared to the same quarter last year. Equities analysts anticipate that Activision Blizzard will post $1.97 earnings per share for the current fiscal year.
In related news, CEO Riccardo Zacconi sold 19,761 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 97,177 shares in the company, valued at approximately $3,950,245.05. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert A. Kotick sold 4,588,775 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $40.51, for a total transaction of $185,891,275.25. Following the completion of the transaction, the chief executive officer now owns 797,049 shares of the company’s stock, valued at $32,288,454.99. The disclosure for this sale can be found here. 25.23% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. HL Financial Services LLC boosted its position in Activision Blizzard by 0.5% in the second quarter. HL Financial Services LLC now owns 11,447 shares of the company’s stock valued at $454,000 after buying an additional 61 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in Activision Blizzard by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 19,432 shares of the company’s stock valued at $770,000 after buying an additional 69 shares in the last quarter. Proficio Capital Partners LLC boosted its position in Activision Blizzard by 0.3% in the second quarter. Proficio Capital Partners LLC now owns 34,807 shares of the company’s stock valued at $1,402,000 after buying an additional 94 shares in the last quarter. Commonwealth Equity Services Inc boosted its position in Activision Blizzard by 0.6% in the first quarter. Commonwealth Equity Services Inc now owns 28,206 shares of the company’s stock valued at $954,000 after buying an additional 157 shares in the last quarter. Finally, Conning Inc. boosted its position in Activision Blizzard by 2.2% in the second quarter. Conning Inc. now owns 11,170 shares of the company’s stock valued at $443,000 after buying an additional 240 shares in the last quarter. Hedge funds and other institutional investors own 83.67% of the company’s stock.
Activision Blizzard Company Profile
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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