Zynga (ZNGA) Lowered to Hold at Zacks Investment Research
Zynga (NASDAQ:ZNGA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Saturday.
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. “
A number of other equities analysts also recently weighed in on ZNGA. Robert W. Baird reaffirmed a “hold” rating and issued a $4.00 target price on shares of Zynga in a research note on Friday, September 15th. Cowen reaffirmed a “buy” rating and issued a $4.50 target price on shares of Zynga in a research note on Thursday, October 12th. KeyCorp reaffirmed a “hold” rating on shares of Zynga in a research note on Tuesday, October 17th. Wedbush set a $5.00 target price on shares of Zynga and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Finally, BidaskClub downgraded shares of Zynga from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Zynga presently has an average rating of “Buy” and an average price target of $4.14.
Zynga (NASDAQ:ZNGA) last announced its earnings results on Tuesday, November 7th. The company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.01. Zynga had a negative net margin of 2.65% and a negative return on equity of 1.37%. The company had revenue of $224.60 million during the quarter, compared to the consensus estimate of $211.98 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The company’s revenue was up 23.1% on a year-over-year basis. equities research analysts expect that Zynga will post 0.02 earnings per share for the current year.
In related news, COO Matthew S. Bromberg sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $3.95, for a total transaction of $197,500.00. Following the completion of the sale, the chief operating officer now directly owns 294,206 shares of the company’s stock, valued at $1,162,113.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ellen F. Siminoff sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $3.97, for a total transaction of $47,640.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 236,000 shares of company stock valued at $930,600. 12.43% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Crow Point Partners LLC bought a new stake in shares of Zynga during the fourth quarter worth approximately $114,000. The Manufacturers Life Insurance Company raised its stake in shares of Zynga by 23.2% during the second quarter. The Manufacturers Life Insurance Company now owns 30,835 shares of the company’s stock worth $112,000 after buying an additional 5,815 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Zynga during the third quarter worth approximately $150,000. Prudential Financial Inc. raised its stake in shares of Zynga by 9.1% during the second quarter. Prudential Financial Inc. now owns 44,500 shares of the company’s stock worth $162,000 after buying an additional 3,700 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new stake in shares of Zynga during the second quarter worth approximately $170,000. 70.45% of the stock is owned by institutional investors and hedge funds.
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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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