Zynga (ZNGA) Downgraded by BidaskClub
Zynga (NASDAQ:ZNGA) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Wednesday.
A number of other equities analysts also recently commented on the company. Cowen restated a “buy” rating and issued a $4.50 price objective on shares of Zynga in a report on Thursday, October 12th. Wedbush set a $5.00 target price on Zynga and gave the company a “buy” rating in a report on Wednesday, October 18th. Goldman Sachs Group assumed coverage on Zynga in a research note on Friday, September 8th. They set a “neutral” rating and a $3.90 price objective for the company. Zacks Investment Research upgraded Zynga from a “hold” rating to a “strong-buy” rating and set a $4.50 price objective for the company in a research note on Saturday, November 11th. Finally, KeyCorp restated a “hold” rating on shares of Zynga in a research note on Tuesday, October 17th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $4.11.
Shares of Zynga (NASDAQ ZNGA) opened at $3.78 on Wednesday. Zynga has a 52 week low of $2.40 and a 52 week high of $4.34.
In related news, Director Ellen F. Siminoff sold 12,000 shares of Zynga stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $3.79, for a total value of $45,480.00. Following the transaction, the director now directly owns 122,478 shares in the company, valued at approximately $464,191.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.43% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc grew its holdings in shares of Zynga by 454.0% during the second quarter. Legal & General Group Plc now owns 1,414,781 shares of the company’s stock valued at $5,110,000 after buying an additional 1,159,405 shares in the last quarter. Comerica Bank grew its holdings in shares of Zynga by 914.3% during the second quarter. Comerica Bank now owns 306,032 shares of the company’s stock valued at $1,148,000 after buying an additional 275,860 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Zynga by 31.7% during the second quarter. Amalgamated Bank now owns 137,196 shares of the company’s stock valued at $499,000 after buying an additional 33,022 shares in the last quarter. FMR LLC purchased a new position in Zynga in the second quarter valued at about $8,920,000. Finally, Northern Trust Corp grew its stake in Zynga by 8.1% in the second quarter. Northern Trust Corp now owns 4,667,868 shares of the company’s stock valued at $16,992,000 after purchasing an additional 349,093 shares in the last quarter. Institutional investors and hedge funds own 70.49% of the company’s stock.
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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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