Activision Blizzard Inc. (NASDAQ:ATVI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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 stock. Robert W. Baird restated a “buy” rating on shares of Activision Blizzard in a research report on Thursday, May 26th. Pacific Crest reiterated a “buy” rating on shares of Activision Blizzard in a research report on Saturday, June 4th. Cowen and Company reiterated a “buy” rating on shares of Activision Blizzard in a research report on Saturday, June 4th. Vetr upgraded shares of Activision Blizzard from a “hold” rating to a “buy” rating and set a $40.48 target price for the company in a research report on Wednesday, June 1st. Finally, Piper Jaffray Cos. reiterated a “buy” rating on shares of Activision Blizzard in a research report on Friday, June 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have issued a buy rating to the company. Activision Blizzard currently has a consensus rating of “Buy” and a consensus target price of $43.61.
Shares of Activision Blizzard (NASDAQ:ATVI) opened at 44.67 on Tuesday. The firm’s 50-day moving average price is $41.87 and its 200-day moving average price is $38.15. Activision Blizzard has a one year low of $26.49 and a one year high of $44.89. The firm has a market capitalization of $33.12 billion, a P/E ratio of 44.98 and a beta of 1.02.
Activision Blizzard (NASDAQ:ATVI) last released its quarterly 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 firm earned $1.57 billion during the quarter, compared to analyst estimates of $1.44 billion. Activision Blizzard had a net margin of 13.95% and a return on equity of 14.49%. The business’s revenue for the quarter was up 112.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 EPS. On average, equities analysts forecast that Activision Blizzard will post $1.97 earnings per share for the current year.
In other Activision Blizzard news, insider Christopher B. Walther sold 45,574 shares of the company’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $42.73, for a total value of $1,947,377.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Riccardo Zacconi sold 19,761 shares of the company’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $40.65, for a total transaction of $803,284.65. Following the completion of the sale, the chief executive officer now owns 97,177 shares in the company, valued at approximately $3,950,245.05. The disclosure for this sale can be found here. 25.23% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the company. Macquarie Group Ltd. boosted its stake in shares of Activision Blizzard by 589.2% in the second quarter. Macquarie Group Ltd. now owns 113,550 shares of the company’s stock worth $4,500,000 after buying an additional 97,074 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Activision Blizzard during the second quarter worth $815,000. Kentucky Retirement Systems acquired a new stake in shares of Activision Blizzard during the second quarter worth $1,717,000. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Activision Blizzard by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 19,432 shares of the company’s stock worth $770,000 after buying an additional 69 shares during the period. Finally, Mason Street Advisors LLC acquired a new stake in shares of Activision Blizzard during the second quarter worth $2,719,000. Institutional investors and hedge funds own 83.67% of the company’s stock.
Activision Blizzard Company Profile
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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