Activision Blizzard Inc. (NASDAQ:ATVI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “ACTIVISION BLIZZARD, INC. is a worldwide pure-play online and console game publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard’s portfolio includes best-selling video games such as Guitar Hero, Call of Duty, and Tony Hawk, as well as Spider-Man, X-Men, Shrek, James Bond and TRANSFORMERS, leading franchises such as Crash Bandicoot and Spyro and Blizzard Entertainment’s StarCraft, Diablo, and Warcraft franchises including the global number one subscription-based massively multi-player online role-playing game, World of Warcraft. Activision Blizzard maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Romania, Australia, Chile, India, Japan, China, the region of Taiwan and South Korea. “
Other research analysts have also issued reports about the company. Vetr upgraded Activision Blizzard from a “hold” rating to a “buy” rating and set a $40.84 target price for the company in a research note on Monday, June 13th. Piper Jaffray Cos. reiterated a “buy” rating on shares of Activision Blizzard in a research note on Friday, June 10th. Pacific Crest reiterated a “buy” rating on shares of Activision Blizzard in a research note on Sunday, June 26th. Barclays PLC reiterated a “buy” rating on shares of Activision Blizzard in a research note on Saturday, June 18th. Finally, Jefferies Group reiterated a “buy” rating on shares of Activision Blizzard in a research note on Monday, July 11th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $44.79.
Activision Blizzard (NASDAQ:ATVI) traded down 0.16% during midday trading on Friday, reaching $43.92. 5,604,240 shares of the company traded hands. Activision Blizzard has a 12-month low of $26.49 and a 12-month high of $45.12. The company has a 50-day moving average price of $42.97 and a 200-day moving average price of $39.08. The company has a market cap of $32.57 billion, a price-to-earnings ratio of 44.23 and a beta of 1.09.
Activision Blizzard (NASDAQ:ATVI) last issued its earnings results on Thursday, August 4th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. The business earned $1.57 billion during the quarter, compared to analyst estimates of $1.44 billion. Activision Blizzard had a return on equity of 14.49% and a net margin of 13.95%. Activision Blizzard’s revenue was up 112.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.13 earnings per share. On average, analysts predict that Activision Blizzard will post $1.99 earnings per share for the current fiscal year.
In other news, CEO Riccardo Zacconi sold 19,761 shares of Activision Blizzard stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $39.63, for a total transaction of $783,128.43. Following the transaction, the chief executive officer now owns 76,620 shares in the company, valued at approximately $3,036,450.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert J. Morgado sold 29,999 shares of Activision Blizzard stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $43.60, for a total value of $1,307,956.40. The disclosure for this sale can be found here. Company insiders own 25.23% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ATVI. Advisory Services Network LLC boosted its position in Activision Blizzard by 24.0% in the third quarter. Advisory Services Network LLC now owns 3,669 shares of the company’s stock valued at $163,000 after buying an additional 711 shares during the period. Bessemer Group Inc. boosted its position in Activision Blizzard by 103.0% in the second quarter. Bessemer Group Inc. now owns 5,062 shares of the company’s stock valued at $201,000 after buying an additional 2,568 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Activision Blizzard during the second quarter valued at $210,000. FDO Partners LLC acquired a new position in Activision Blizzard during the first quarter valued at $216,000. Finally, Buckingham Asset Management LLC acquired a new position in Activision Blizzard during the second quarter valued at $216,000. Institutional investors and hedge funds own 83.67% of the company’s stock.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
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