Activision Blizzard Inc. (ATVI) Downgraded to Hold at Zacks Investment Research
Activision Blizzard Inc. (NASDAQ:ATVI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Friday.
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. “
Several other research firms also recently commented on ATVI. Benchmark Co. restated a “buy” rating and issued a $49.79 price target (up previously from $45.56) on shares of Activision Blizzard in a research note on Thursday, September 22nd. Morgan Stanley began coverage on shares of Activision Blizzard in a research note on Friday, September 23rd. They issued an “overweight” rating and a $56.00 price target for the company. Vetr upgraded shares of Activision Blizzard from a “sell” rating to a “hold” rating and set a $44.87 price target for the company in a research note on Monday, September 26th. Jefferies Group restated a “buy” rating and issued a $55.00 price target on shares of Activision Blizzard in a research note on Wednesday, September 21st. Finally, Robert W. Baird restated an “outperform” rating and issued a $46.00 price target on shares of Activision Blizzard in a research note on Thursday, September 8th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $44.79.
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Shares of Activision Blizzard (NASDAQ:ATVI) traded down 0.16% during mid-day trading on Friday, hitting $43.92. The stock had a trading volume of 5,604,240 shares. Activision Blizzard has a 12 month low of $26.49 and a 12 month high of $45.12. The firm has a market cap of $32.57 billion, a PE ratio of 44.23 and a beta of 1.09. The stock’s 50-day moving average is $42.97 and its 200 day moving average is $39.08.
Activision Blizzard (NASDAQ:ATVI) last posted its earnings results on Thursday, August 4th. The company reported $0.45 earnings per share for the quarter, beating 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 the consensus estimate of $1.44 billion. During the same quarter last year, the firm earned $0.13 EPS. The firm’s revenue for the quarter was up 112.0% on a year-over-year basis. Equities research analysts predict that Activision Blizzard will post $1.99 earnings per share for the current fiscal year.
In other Activision Blizzard news, CEO Riccardo Zacconi sold 19,761 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $39.63, for a total transaction of $783,128.43. Following the transaction, the chief executive officer now directly owns 76,620 shares in the company, valued at $3,036,450.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert A. Kotick sold 4,588,775 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $40.51, for a total transaction of $185,891,275.25. Following the transaction, the chief executive officer now owns 797,049 shares in the company, valued at $32,288,454.99. The disclosure for this sale can be found here. Company insiders own 25.23% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC raised its position in shares of Activision Blizzard by 24.0% in the third quarter. Advisory Services Network LLC now owns 3,669 shares of the company’s stock valued at $163,000 after buying an additional 711 shares during the last quarter. Bessemer Group Inc. raised its stake in Activision Blizzard by 103.0% in the second quarter. Bessemer Group Inc. now owns 5,062 shares of the company’s stock valued at $201,000 after buying an additional 2,568 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Activision Blizzard during the second quarter valued at approximately $210,000. FDO Partners LLC acquired a new stake in Activision Blizzard during the first quarter valued at approximately $216,000. Finally, Buckingham Asset Management LLC acquired a new stake in Activision Blizzard during the second quarter valued at approximately $216,000. 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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