Activision Blizzard’s (NASDAQ:ATVI) Overweight Rating Reiterated at Piper Jaffray Companies
Activision Blizzard, Inc (NASDAQ:ATVI)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Jaffray Companies in a research note issued to investors on Friday, The Fly reports. They currently have a $69.00 price target on the stock. Piper Jaffray Companies’ target price indicates a potential upside of 11.27% from the company’s current price.
Other equities research analysts also recently issued research reports about the company. Wedbush set a $63.00 price target on Activision Blizzard and gave the stock a “buy” rating in a report on Saturday, May 6th. UBS AG restated a “buy” rating and set a $60.00 price target (up previously from $57.00) on shares of Activision Blizzard in a report on Friday, May 5th. Credit Suisse Group upped their price target on Activision Blizzard from $61.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Oppenheimer Holdings, Inc. upped their price target on Activision Blizzard from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, June 22nd. Finally, Vetr downgraded Activision Blizzard from a “strong-buy” rating to a “buy” rating and set a $67.48 price target on the stock. in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $60.33.
Shares of Activision Blizzard (NASDAQ:ATVI) traded down 3.06% during midday trading on Friday, reaching $62.01. The company had a trading volume of 10,545,280 shares. The company’s 50 day moving average price is $59.80 and its 200-day moving average price is $52.00. Activision Blizzard has a 52 week low of $35.12 and a 52 week high of $63.30. The company has a market capitalization of $46.73 billion, a P/E ratio of 45.50 and a beta of 1.07. Activision Blizzard also saw unusually large options trading on Thursday. Stock investors acquired 32,146 put options on the stock. This represents an increase of approximately 656% compared to the average volume of 4,253 put options.
Activision Blizzard (NASDAQ:ATVI) last issued its quarterly earnings results on Thursday, May 4th. The company reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.13. Activision Blizzard had a return on equity of 17.58% and a net margin of 16.17%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the business earned $0.23 EPS. Activision Blizzard’s revenue was up 31.7% on a year-over-year basis. On average, equities research analysts predict that Activision Blizzard will post $2.02 earnings per share for the current fiscal year.
In related news, CEO of King Digital Riccardo Zacconi sold 19,761 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $55.45, for a total value of $1,095,747.45. Following the completion of the sale, the insider now directly owns 55,509 shares of the company’s stock, valued at approximately $3,077,974.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.12% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Guardian Life Insurance Co. of America boosted its stake in Activision Blizzard by 1.9% in the first quarter. Guardian Life Insurance Co. of America now owns 2,671 shares of the company’s stock worth $133,000 after buying an additional 51 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new stake in Activision Blizzard during the second quarter worth $142,000. Huntington National Bank boosted its stake in Activision Blizzard by 122.6% in the second quarter. Huntington National Bank now owns 2,480 shares of the company’s stock worth $143,000 after buying an additional 1,366 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Activision Blizzard by 504.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,023 shares of the company’s stock worth $151,000 after buying an additional 2,523 shares during the last quarter. Finally, Stratos Wealth Partners LTD. bought a new stake in Activision Blizzard during the first quarter worth $202,000. 87.67% of the stock is owned by institutional investors.
Activision Blizzard Company Profile
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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