CIBC Trims Activision Blizzard (ATVI) Target Price to $68.00

Activision Blizzard (NASDAQ:ATVI) had its price target reduced by analysts at CIBC from $87.00 to $68.00 in a report issued on Friday. The firm currently has an “outperform” rating on the stock. CIBC’s target price would suggest a potential upside of 23.61% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Wedbush set a $81.00 price target on shares of Activision Blizzard and gave the company a “buy” rating in a report on Friday. Barclays set a $78.00 price objective on shares of Activision Blizzard and gave the company a “buy” rating in a research report on Friday. UBS Group lowered their price objective on shares of Activision Blizzard from $88.00 to $70.00 and set a “buy” rating for the company in a research report on Friday. Sanford C. Bernstein lowered their price target on shares of Activision Blizzard from $72.00 to $62.00 and set a “market perform” rating for the company in a research report on Friday. Finally, Bank of America lowered their price target on shares of Activision Blizzard from $77.00 to $68.00 and set a “neutral” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $77.62.

ATVI stock traded down $7.78 during trading on Friday, hitting $55.01. 34,539,389 shares of the stock traded hands, compared to its average volume of 9,550,354. Activision Blizzard has a one year low of $53.50 and a one year high of $84.68. The company has a market capitalization of $49.63 billion, a P/E ratio of 26.83, a P/E/G ratio of 1.73 and a beta of 1.11. The company has a quick ratio of 2.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.42.

Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings results on Thursday, November 8th. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.03). Activision Blizzard had a net margin of 6.96% and a return on equity of 16.39%. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the business earned $0.25 earnings per share. The company’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, research analysts expect that Activision Blizzard will post 2.49 earnings per share for the current year.

In related news, CEO Riccardo Zacconi sold 19,761 shares of Activision Blizzard stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $68.70, for a total transaction of $1,357,580.70. Following the transaction, the chief executive officer now owns 20,324 shares of the company’s stock, valued at approximately $1,396,258.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.29% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC lifted its stake in Activision Blizzard by 4.8% in the third quarter. FMR LLC now owns 96,798,252 shares of the company’s stock valued at $8,052,646,000 after buying an additional 4,476,835 shares in the last quarter. BlackRock Inc. lifted its stake in Activision Blizzard by 0.4% in the second quarter. BlackRock Inc. now owns 51,100,165 shares of the company’s stock valued at $3,899,967,000 after buying an additional 209,193 shares in the last quarter. Jennison Associates LLC lifted its stake in Activision Blizzard by 4.8% in the third quarter. Jennison Associates LLC now owns 14,707,945 shares of the company’s stock valued at $1,223,554,000 after buying an additional 679,532 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Activision Blizzard by 7.0% in the third quarter. Bank of New York Mellon Corp now owns 8,436,812 shares of the company’s stock valued at $701,858,000 after buying an additional 552,697 shares in the last quarter. Finally, Egerton Capital UK LLP lifted its stake in Activision Blizzard by 29.1% in the second quarter. Egerton Capital UK LLP now owns 7,286,230 shares of the company’s stock valued at $556,085,000 after buying an additional 1,642,285 shares in the last quarter. 86.92% of the stock is currently owned by hedge funds and other institutional investors.

Activision Blizzard Company Profile

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. The company develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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