Zynga Inc. (ZNGA) Sees Large Drop in Short Interest
Zynga Inc. (NASDAQ:ZNGA) was the target of a large decline in short interest during the month of July. As of July 14th, there was short interest totalling 12,566,285 shares, a decline of 26.4% from the June 30th total of 17,072,070 shares. Based on an average daily volume of 8,245,501 shares, the short-interest ratio is currently 1.5 days. Approximately 1.7% of the company’s stock are sold short.
Zynga (ZNGA) opened at 3.66 on Friday. The firm has a 50-day moving average of $3.65 and a 200-day moving average of $3.08. Zynga has a 1-year low of $2.40 and a 1-year high of $3.86. The firm’s market capitalization is $3.15 billion.
Zynga (NASDAQ:ZNGA) last released its quarterly earnings data on Thursday, May 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). Zynga had a negative return on equity of 5.25% and a negative net margin of 12.16%. The company had revenue of $194.30 million for the quarter, compared to analyst estimates of $188.14 million. Zynga’s revenue was up 4.1% on a year-over-year basis. On average, analysts expect that Zynga will post $0.09 earnings per share for the current year.
A number of equities research analysts recently weighed in on ZNGA shares. Morgan Stanley reissued an “overweight” rating and issued a $3.70 price target on shares of Zynga in a research report on Saturday, July 22nd. Zacks Investment Research cut shares of Zynga from a “buy” rating to a “hold” rating in a research report on Friday, July 7th. Mizuho reissued a “buy” rating and issued a $4.20 price target (up from $3.50) on shares of Zynga in a research report on Saturday, June 3rd. Piper Jaffray Companies reissued a “hold” rating and issued a $3.00 price target on shares of Zynga in a research report on Friday, May 5th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $5.00 price target on shares of Zynga in a research report on Monday, May 15th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $3.85.
In other news, Director Ellen F. Siminoff sold 12,000 shares of Zynga stock in a transaction on Monday, May 1st. The shares were 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 directly owns 177,057 shares of the company’s stock, valued at approximately $515,235.87. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William B. Gordon sold 1,232,373 shares of Zynga stock in a transaction on Friday, May 26th. The stock was sold at an average price of $3.50, for a total transaction of $4,313,305.50. Following the sale, the director now directly owns 832,603 shares of the company’s stock, valued at $2,914,110.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,818,010 shares of company stock valued at $6,369,348. Corporate insiders own 12.43% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Princeton Portfolio Strategies Group LLC raised its stake in Zynga by 43.6% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 35,900 shares of the company’s stock worth $102,000 after buying an additional 10,900 shares during the last quarter. HighTower Advisors LLC bought a new stake in Zynga during the first quarter worth about $116,000. GSA Capital Partners LLP raised its stake in Zynga by 132.3% in the fourth quarter. GSA Capital Partners LLP now owns 57,935 shares of the company’s stock worth $149,000 after buying an additional 32,994 shares during the last quarter. Clinton Group Inc. raised its stake in Zynga by 0.7% in the first quarter. Clinton Group Inc. now owns 61,082 shares of the company’s stock worth $174,000 after buying an additional 423 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Zynga by 11.7% in the first quarter. PNC Financial Services Group Inc. now owns 71,889 shares of the company’s stock worth $205,000 after buying an additional 7,535 shares during the last quarter. Institutional investors own 65.80% of the company’s stock.
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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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