Zynga Inc. (ZNGA) Stock Rating Lowered by Zacks Investment Research
Zynga Inc. (NASDAQ:ZNGA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
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. “
Several other analysts have also weighed in on the company. Piper Jaffray Companies set a $4.00 price objective on Zynga and gave the company a “buy” rating in a report on Thursday, August 3rd. BidaskClub upgraded Zynga from a “hold” rating to a “buy” rating in a research report on Wednesday, August 23rd. Benchmark Co. reiterated a “buy” rating and set a $4.35 price objective (up from $3.65) on shares of Zynga in a research report on Wednesday, August 9th. Canaccord Genuity boosted their price objective on Zynga from $3.00 to $3.50 and gave the stock a “hold” rating in a research report on Thursday, August 3rd. Finally, Robert W. Baird reiterated a “hold” rating and set a $4.00 price objective on shares of Zynga in a research report on Friday, September 15th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Zynga has an average rating of “Buy” and an average target price of $4.06.
Shares of Zynga (NASDAQ ZNGA) opened at 3.81 on Thursday. The firm’s 50-day moving average price is $3.73 and its 200 day moving average price is $3.44. Zynga has a one year low of $2.40 and a one year high of $4.02. The stock’s market cap is $3.30 billion.
Zynga (NASDAQ:ZNGA) last announced its earnings results on Wednesday, August 2nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.01). Zynga had a negative return on equity of 3.83% and a negative net margin of 10.50%. The business had revenue of $209.20 million for the quarter, compared to analysts’ expectations of $201.64 million. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. Equities research analysts expect that Zynga will post $0.10 EPS for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: “Zynga Inc. (ZNGA) Stock Rating Lowered by Zacks Investment Research” was first published by American Banking News and is owned by of American Banking News. If you are reading this report on another website, it was illegally copied and reposted in violation of United States and international trademark & copyright laws. The legal version of this report can be read at https://www.americanbankingnews.com/2017/10/05/zynga-inc-znga-stock-rating-lowered-by-zacks-investment-research.html.
In related news, Director Ellen F. Siminoff sold 12,000 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $3.77, for a total value of $45,240.00. Following the completion of the sale, the director now owns 134,478 shares in the company, valued at $506,982.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 36,000 shares of company stock valued at $134,160 over the last 90 days. Corporate insiders own 12.43% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZNGA. River & Mercantile Asset Management bought a new stake in shares of Zynga in the fourth quarter valued at about $2,476,000. DNB Asset Management lifted its stake in shares of Zynga by 42.4% in the fourth quarter. DNB Asset Management now owns 7,970,400 shares of the company’s stock valued at $21,360,672 after buying an additional 2,373,500 shares during the period. Russell Frank Co lifted its stake in shares of Zynga by 5.6% in the fourth quarter. Russell Frank Co now owns 2,093,295 shares of the company’s stock valued at $5,610,000 after buying an additional 111,100 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Zynga by 34.0% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 790,273 shares of the company’s stock valued at $2,118,000 after buying an additional 200,651 shares during the period. Finally, California State Teachers Retirement System lifted its stake in shares of Zynga by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 1,468,977 shares of the company’s stock valued at $3,937,000 after buying an additional 23,163 shares during the period. Institutional investors and hedge funds own 68.19% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Zynga Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zynga Inc. and related companies with MarketBeat.com's FREE daily email newsletter.