Activision Blizzard, Inc (ATVI) Price Target Increased to $71.00 by Analysts at Benchmark Co.
Activision Blizzard, Inc (NASDAQ:ATVI) had its price objective hoisted by equities research analysts at Benchmark Co. from $60.00 to $71.00 in a report issued on Wednesday. The firm currently has a “buy” rating on the stock. Benchmark Co.’s price objective would suggest a potential upside of 17.47% from the company’s current price.
Other analysts have also recently issued reports about the company. Stifel Nicolaus reiterated a “buy” rating and issued a $59.00 price objective (up from $53.00) on shares of Activision Blizzard in a research note on Tuesday, May 2nd. Jefferies Group LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Activision Blizzard in a research note on Tuesday, April 18th. Vetr upgraded Activision Blizzard from a “hold” rating to a “buy” rating and set a $50.88 price objective on the stock in a research note on Monday, April 17th. Wedbush set a $63.00 price target on Activision Blizzard and gave the company a “buy” rating in a research note on Saturday, May 6th. Finally, Argus raised their price target on Activision Blizzard from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, May 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Activision Blizzard currently has a consensus rating of “Buy” and an average price target of $57.59.
Activision Blizzard (ATVI) traded down 1.18% on Wednesday, hitting $60.44. The stock had a trading volume of 13,794,613 shares. Activision Blizzard has a 52-week low of $35.12 and a 52-week high of $61.10. The firm’s 50-day moving average is $57.28 and its 200-day moving average is $47.26. The company has a market cap of $45.55 billion, a P/E ratio of 44.34 and a beta of 1.03.
Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings data on Thursday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.11. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Activision Blizzard had a return on equity of 16.90% and a net margin of 14.63%. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period last year, the firm earned $0.23 earnings per share. Equities research analysts anticipate that Activision Blizzard will post $2.00 earnings per share for the current fiscal year.
In related news, CEO Riccardo Zacconi sold 19,761 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $55.45, for a total transaction of $1,095,747.45. Following the transaction, the chief executive officer now owns 55,509 shares of the company’s stock, valued at $3,077,974.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Brian G. Kelly sold 420,063 shares of the firm’s stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $49.90, for a total value of $20,961,143.70. The disclosure for this sale can be found here. Company insiders own 2.12% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Granite Investment Partners LLC raised its position in Activision Blizzard by 6.6% in the first quarter. Granite Investment Partners LLC now owns 171,868 shares of the company’s stock worth $8,569,000 after buying an additional 10,695 shares in the last quarter. I.G. Investment Management LTD. raised its position in Activision Blizzard by 9.4% in the fourth quarter. I.G. Investment Management LTD. now owns 433,406 shares of the company’s stock worth $15,650,000 after buying an additional 37,205 shares in the last quarter. Scout Investments Inc. raised its position in Activision Blizzard by 143.6% in the first quarter. Scout Investments Inc. now owns 614,690 shares of the company’s stock worth $20,801,000 after buying an additional 362,384 shares in the last quarter. Zurich Insurance Group Ltd FI raised its position in Activision Blizzard by 11.5% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 108,343 shares of the company’s stock worth $3,912,000 after buying an additional 11,198 shares in the last quarter. Finally, Polaris Greystone Financial Group LLC raised its position in Activision Blizzard by 3.8% in the first quarter. Polaris Greystone Financial Group LLC now owns 19,296 shares of the company’s stock worth $962,000 after buying an additional 706 shares in the last quarter. 88.00% of the stock is currently owned by hedge funds and other institutional investors.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc (Activision), Blizzard Entertainment, Inc (Blizzard), King Digital Entertainment (King) and Other.
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