Zynga Inc. (NASDAQ:ZNGA) Receives Average Recommendation of “Buy” from Brokerages
Shares of Zynga Inc. (NASDAQ:ZNGA) have earned an average recommendation of “Buy” from the sixteen ratings firms that are covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $3.93.
A number of equities research analysts have recently weighed in on ZNGA shares. Bank of America Corporation boosted their price objective on shares of Zynga from $2.50 to $3.25 in a report on Monday, May 15th. Jefferies Group LLC restated a “buy” rating and issued a $5.00 price objective on shares of Zynga in a report on Tuesday, April 18th. Zacks Investment Research upgraded shares of Zynga from a “hold” rating to a “buy” rating and set a $3.25 price objective for the company in a report on Thursday, April 13th. Benchmark Co. restated a “buy” rating and issued a $3.65 price objective on shares of Zynga in a report on Friday, May 5th. Finally, Mizuho restated a “buy” rating and issued a $4.20 price objective (up from $3.50) on shares of Zynga in a report on Saturday, June 3rd.
In related news, Director William B. Gordon sold 549,637 shares of the company’s stock in a transaction 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 sale, the director now directly owns 832,603 shares in the company, valued at approximately $2,930,762.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ellen F. Siminoff sold 12,000 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $3.64, for a total transaction of $43,680.00. Following the sale, the director now owns 141,057 shares of the company’s stock, valued at $513,447.48. The disclosure for this sale can be found here. Insiders have sold a total of 1,818,010 shares of company stock valued at $6,377,868 over the last quarter. 12.43% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Zynga by 10.2% in the first quarter. Vanguard Group Inc. now owns 60,636,895 shares of the company’s stock valued at $172,814,000 after buying an additional 5,635,406 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Zynga by 10.6% in the first quarter. Dimensional Fund Advisors LP now owns 53,752,591 shares of the company’s stock valued at $153,195,000 after buying an additional 5,142,597 shares during the period. BlackRock Inc. raised its position in shares of Zynga by 5,061.5% in the first quarter. BlackRock Inc. now owns 35,936,741 shares of the company’s stock valued at $102,420,000 after buying an additional 35,240,491 shares during the period. Morgan Stanley raised its position in shares of Zynga by 30.4% in the first quarter. Morgan Stanley now owns 27,433,552 shares of the company’s stock valued at $78,186,000 after buying an additional 6,397,949 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Zynga by 2.8% in the second quarter. First Trust Advisors LP now owns 11,490,540 shares of the company’s stock valued at $41,826,000 after buying an additional 311,588 shares during the period. Institutional investors and hedge funds own 66.31% of the company’s stock.
Zynga (NASDAQ ZNGA) traded up 3.06% during trading on Tuesday, hitting $3.71. 20,226,263 shares of the stock traded hands. The stock’s market cap is $3.20 billion. Zynga has a 12 month low of $2.40 and a 12 month high of $3.86. The company has a 50-day moving average price of $3.65 and a 200-day moving average price of $3.11.
Zynga (NASDAQ:ZNGA) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.01. The company had revenue of $209.20 million during the quarter, compared to analysts’ expectations of $201.64 million. Zynga had a negative return on equity of 3.83% and a negative net margin of 10.50%. Zynga’s revenue was up 15.1% on a year-over-year basis. Equities research analysts expect that Zynga will post $0.10 EPS for the current year.
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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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