Zynga Inc. (ZNGA) Earns Buy Rating from Cowen and Company
Zynga Inc. (NASDAQ:ZNGA)‘s stock had its “buy” rating reiterated by equities researchers at Cowen and Company in a report issued on Thursday. They presently have a $4.50 target price on the stock. Cowen and Company’s target price would suggest a potential upside of 20.32% from the stock’s previous close.
Several other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Zynga from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. Robert W. Baird reissued a “hold” rating and issued a $4.00 price objective on shares of Zynga in a research note on Friday, September 15th. Goldman Sachs Group, Inc. (The) began coverage on shares of Zynga in a research note on Friday, September 8th. They issued a “neutral” rating and a $3.90 price objective for the company. BidaskClub raised shares of Zynga from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. Finally, Benchmark Co. reissued a “buy” rating and issued a $4.35 price objective (up previously from $3.65) on shares of Zynga in a research note on Wednesday, August 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $4.06.
Shares of Zynga (ZNGA) traded up 2.41% on Thursday, reaching $3.83. The company had a trading volume of 11,629,028 shares. The stock’s 50 day moving average is $3.76 and its 200 day moving average is $3.49. The firm’s market capitalization is $3.31 billion. Zynga has a 52 week low of $2.40 and a 52 week high of $4.02.
Zynga (NASDAQ:ZNGA) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.01). The firm had revenue of $209.20 million during the quarter, compared to the consensus estimate of $201.64 million. Zynga had a negative return on equity of 3.83% and a negative net margin of 10.50%. Zynga’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, equities analysts anticipate that Zynga will post $0.10 EPS for the current year.
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In related news, Director Ellen F. Siminoff sold 12,000 shares of Zynga stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $3.77, for a total transaction of $45,240.00. Following the transaction, the director now directly owns 134,478 shares of the company’s stock, valued at $506,982.06. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders have sold 36,000 shares of company stock worth $134,160. 12.43% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of ZNGA. BlackRock Inc. increased its holdings in Zynga by 5,061.5% during 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. American Century Companies Inc. purchased a new position in Zynga during the second quarter valued at approximately $33,218,000. Marshall Wace North America L.P. increased its holdings in Zynga by 961.3% during the second quarter. Marshall Wace North America L.P. now owns 7,304,569 shares of the company’s stock valued at $29,219,000 after buying an additional 6,616,326 shares during the period. Morgan Stanley increased its holdings in Zynga by 30.4% during 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, Renaissance Technologies LLC increased its holdings in Zynga by 33.4% during the second quarter. Renaissance Technologies LLC now owns 23,009,600 shares of the company’s stock valued at $83,755,000 after buying an additional 5,759,000 shares during the period. 68.19% of the stock is currently owned by institutional investors.
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.
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