Morgan Stanley Reaffirms Overweight Rating for Zynga Inc. (ZNGA)
Zynga Inc. (NASDAQ:ZNGA)‘s stock had its “overweight” rating reiterated by equities research analysts at Morgan Stanley in a research report issued to clients and investors on Saturday. They presently have a $3.70 price objective on the stock. Morgan Stanley’s price target would suggest a potential downside of 2.12% from the stock’s previous close.
ZNGA has been the topic of a number of other reports. Piper Jaffray Companies reaffirmed a “hold” rating and set a $3.00 price objective on shares of Zynga in a research note on Friday, May 5th. Cowen and Company raised their price objective on Zynga from $4.25 to $4.50 and gave the company an “outperform” rating in a research note on Friday, June 23rd. Jefferies Group LLC reaffirmed a “buy” rating and set a $5.00 price objective on shares of Zynga in a research note on Monday, May 15th. Zacks Investment Research raised Zynga from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a research note on Wednesday, May 10th. Finally, Mizuho reaffirmed a “buy” rating and set a $4.20 price objective (up from $3.50) on shares of Zynga in a research note on Saturday, June 3rd. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $3.85.
Shares of Zynga (NASDAQ:ZNGA) traded up 0.53% on Friday, reaching $3.78. The company’s stock had a trading volume of 12,764,501 shares. The stock has a 50 day moving average of $3.63 and a 200-day moving average of $3.05. The firm’s market cap is $3.25 billion. Zynga has a 12 month low of $2.40 and a 12 month high of $3.86.
Zynga (NASDAQ:ZNGA) last announced its quarterly earnings data on Thursday, May 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Zynga had a negative return on equity of 5.25% and a negative net margin of 12.16%. The firm had revenue of $194.30 million for the quarter, compared to analysts’ expectations of $188.14 million. Zynga’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, analysts anticipate that Zynga will post $0.09 EPS for the current year.
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In other Zynga news, Director William B. Gordon sold 1,232,373 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $3.50, for a total value of $4,313,305.50. Following the completion of the sale, the director now directly owns 832,603 shares in the company, valued at $2,914,110.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ellen F. Siminoff sold 12,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $2.91, for a total transaction of $34,920.00. Following the completion of the sale, the director now owns 177,057 shares of the company’s stock, valued at $515,235.87. The disclosure for this sale can be found here. Insiders sold 1,818,010 shares of company stock valued at $6,369,348 over the last 90 days. 12.43% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Princeton Portfolio Strategies Group LLC raised its stake in shares of 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 during the period. HighTower Advisors LLC bought a new stake in shares of Zynga during the first quarter valued at approximately $116,000. GSA Capital Partners LLP raised its stake in shares of Zynga by 132.3% in the fourth quarter. GSA Capital Partners LLP now owns 57,935 shares of the company’s stock valued at $149,000 after buying an additional 32,994 shares during the period. Clinton Group Inc. raised its stake in shares of Zynga by 0.7% in the first quarter. Clinton Group Inc. now owns 61,082 shares of the company’s stock valued at $174,000 after buying an additional 423 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Zynga by 11.7% in the first quarter. PNC Financial Services Group Inc. now owns 71,889 shares of the company’s stock valued at $205,000 after buying an additional 7,535 shares during the period. Institutional investors and hedge funds own 66.00% of the company’s stock.
Zynga Company Profile
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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