Activision Blizzard, Inc (ATVI) Lowered to “Hold” at Zacks Investment Research
Activision Blizzard, Inc (NASDAQ:ATVI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Activision results continue to be driven by increasing digital revenues, King Digital buyout and strength in franchises. The company reported $1 billion from in-game revenues in the last reported quarter. Activision also raised guidance for the full year. The company’s attempts to become a broad-based media company are prudent in our view. Apart from launching a movie studio and consumer products division, the company is also strengthening its presence in the lucrative e-sports market. Activision had added twelve team for esports league for its newest franchise Overwatch. Over the past one year, share prices have outperformed the broader industry. Estimates have remained stable ahead of the upcoming earnings release. However, hit driven and competitive nature of the video game industry begets caution. “
A number of other equities analysts also recently weighed in on the stock. Barclays PLC began coverage on shares of Activision Blizzard in a research note on Wednesday. They issued an “equal weight” rating and a $65.00 target price for the company. Vetr upgraded shares of Activision Blizzard from a “buy” rating to a “strong-buy” rating and set a $65.85 price target for the company in a research report on Thursday, June 15th. CIBC reiterated an “outperform” rating and set a $70.00 price target (up previously from $60.00) on shares of Activision Blizzard in a research report on Thursday, June 22nd. BidaskClub cut shares of Activision Blizzard from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 28th. Finally, Robert W. Baird reiterated an “outperform” rating on shares of Activision Blizzard in a research report on Monday, July 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $64.92.
Shares of Activision Blizzard (NASDAQ ATVI) traded up 0.10% during midday trading on Friday, hitting $63.15. 2,209,422 shares of the company’s stock traded hands. Activision Blizzard has a 1-year low of $35.12 and a 1-year high of $66.58. The firm has a market capitalization of $47.67 billion, a price-to-earnings ratio of 42.64 and a beta of 1.10. The company has a 50 day moving average price of $63.97 and a 200 day moving average price of $58.25.
In other news, Director Brian G. Kelly sold 3,685,000 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $61.93, for a total value of $228,212,050.00. Following the completion of the transaction, the director now owns 189,791 shares of the company’s stock, valued at $11,753,756.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Riccardo Zacconi sold 19,761 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $61.32, for a total transaction of $1,211,744.52. Following the completion of the transaction, the chief executive officer now directly owns 48,472 shares of the company’s stock, valued at approximately $2,972,303.04. The disclosure for this sale can be found here. Insiders sold 4,074,879 shares of company stock worth $252,196,001 over the last 90 days. 2.12% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ardsley Advisory Partners bought a new position in Activision Blizzard in the 2nd quarter valued at approximately $403,000. Davidson Kempner Capital Management LP grew its position in shares of Activision Blizzard by 15.4% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 375,000 shares of the company’s stock worth $21,585,000 after buying an additional 50,000 shares during the period. W. E. Donoghue & Co. LLC acquired a new stake in shares of Activision Blizzard during the 2nd quarter worth approximately $2,182,000. Intl Fcstone Inc. acquired a new stake in shares of Activision Blizzard during the 2nd quarter worth approximately $276,000. Finally, Achmea Investment Management B.V. grew its position in shares of Activision Blizzard by 15.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 33,562 shares of the company’s stock worth $1,931,000 after buying an additional 4,472 shares during the period. Institutional investors and hedge funds own 86.27% of the company’s stock.
About Activision Blizzard
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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