Zynga Inc. (ZNGA) Downgraded to Hold at Zacks Investment Research
Zynga Inc. (NASDAQ:ZNGA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Zynga Inc. is the world’s largest social game developer with users playing their games which include CityVille, FarmVille, FrontierVille, Words With Friends, Mafia Wars, Zynga Poker, Cafe World, and Treasure Isle. Zynga Inc. games are available on a number of global platforms including Facebook, MySpace, Yahoo, the iPad, the iPhone and Android devices. They operate their games as live services, by which they mean that they continue to support and update games after launch and gather daily, metrics-based player feedback that enable them to continually enhance their games by adding new content and features. All of their games are free to play, and they generate revenue through the in-game sale of virtual goods and advertising. “
Other analysts have also issued reports about the stock. Cowen and Company reaffirmed an “outperform” rating and issued a $3.50 price target on shares of Zynga in a research note on Friday, May 5th. Bank of America Corporation upped their price target on shares of Zynga from $2.50 to $3.25 in a research note on Monday, May 15th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $3.00 price target on shares of Zynga in a research note on Monday, May 15th. Pacific Crest reaffirmed a “sector weight” rating on shares of Zynga in a research note on Wednesday, April 26th. Finally, Benchmark Co. reaffirmed a “buy” rating and issued a $3.65 price target on shares of Zynga in a research note on Monday, May 15th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $3.95.
Shares of Zynga (NASDAQ:ZNGA) traded up 1.286% during midday trading on Friday, reaching $3.545. 763,678 shares of the company were exchanged. The company’s 50-day moving average price is $3.57 and its 200 day moving average price is $2.95. Zynga has a 52-week low of $2.40 and a 52-week high of $3.86. The stock’s market capitalization is $3.05 billion.
Zynga (NASDAQ:ZNGA) last posted its earnings results on Thursday, May 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The firm had revenue of $194.30 million during the quarter, compared to analyst estimates of $188.14 million. Zynga had a negative net margin of 12.16% and a negative return on equity of 5.25%. The firm’s revenue was up 4.1% compared to the same quarter last year. On average, equities analysts predict that Zynga will post $0.09 earnings per share for the current year.
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In other Zynga news, Director Ellen F. Siminoff sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $3.64, for a total value of $43,680.00. Following the transaction, the director now owns 141,057 shares in the company, valued at approximately $513,447.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William B. Gordon sold 549,637 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $3.52, for a total transaction of $1,934,722.24. Following the completion of the transaction, the director now owns 832,603 shares in the company, valued at approximately $2,930,762.56. The disclosure for this sale can be found here. Insiders sold a total of 1,837,220 shares of company stock worth $6,421,791 over the last quarter. Insiders own 12.43% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Princeton Portfolio Strategies Group LLC raised its position in Zynga by 43.6% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 35,900 shares of the company’s stock valued at $102,000 after buying an additional 10,900 shares in the last quarter. Acadian Asset Management LLC bought a new position in Zynga during the third quarter valued at $105,000. HighTower Advisors LLC bought a new position in Zynga during the first quarter valued at $116,000. Penserra Capital Management LLC raised its position in Zynga by 3.5% in the second quarter. Penserra Capital Management LLC now owns 49,442 shares of the company’s stock valued at $123,000 after buying an additional 1,656 shares in the last quarter. Finally, Sterling Capital Management LLC bought a new position in Zynga during the second quarter valued at $124,000. Hedge funds and other institutional investors own 67.03% of the company’s stock.
Zynga Inc is a provider of social game services. The Company develops, markets and operates social games as live services played on mobile platforms, such as iPhone Operating System (iOS) operating system and Android operating system and social networking sites, such as Facebook. The Company has developed a range of social games, including games in its Slots, Words With Friends, Zynga Poker and FarmVille franchises.
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