Zynga Inc. (NASDAQ:ZNGA) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totalling 22,488,191 shares, an increase of 19.2% from the August 31st total of 18,863,929 shares. Approximately 3.0% of the shares of the company are short sold. Based on an average trading volume of 17,425,521 shares, the short-interest ratio is currently 1.3 days.
A number of equities analysts have recently issued reports on the company. FBR & Co reissued an “outperform” rating and issued a $4.25 target price on shares of Zynga in a report on Tuesday, September 13th. Cowen and Company raised Zynga from a “market perform” rating to an “outperform” rating and set a $3.50 target price for the company in a report on Wednesday, August 3rd. Jefferies Group reissued a “buy” rating and issued a $5.00 target price on shares of Zynga in a report on Tuesday, September 6th. Pacific Crest reissued a “hold” rating on shares of Zynga in a report on Friday, August 5th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $3.00 target price on shares of Zynga in a report on Saturday, August 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $3.17.
In other news, General Counsel Devang Shah sold 12,251 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $2.64, for a total value of $32,342.64. Following the completion of the transaction, the general counsel now directly owns 52,356 shares of the company’s stock, valued at approximately $138,219.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. 16.60% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ZNGA. Penserra Capital Management LLC increased its position in shares of Zynga by 3.5% in the second quarter. Penserra Capital Management LLC now owns 49,442 shares of the company’s stock valued at $123,000 after buying an additional 1,656 shares in the last quarter. Sterling Capital Management LLC purchased a new position in shares of Zynga during the second quarter valued at approximately $124,000. Jefferies Group LLC purchased a new position in shares of Zynga during the second quarter valued at approximately $130,000. Point72 Asia Hong Kong Ltd purchased a new position in shares of Zynga during the second quarter valued at approximately $160,000. Finally, Legal & General Group Plc increased its position in shares of Zynga by 75.2% in the second quarter. Legal & General Group Plc now owns 71,503 shares of the company’s stock valued at $178,000 after buying an additional 30,687 shares in the last quarter. Institutional investors and hedge funds own 59.36% of the company’s stock.
Zynga (NASDAQ:ZNGA) opened at 2.88 on Wednesday. The firm’s market cap is $2.54 billion. Zynga has a 1-year low of $1.78 and a 1-year high of $3.02. The stock has a 50 day moving average price of $2.76 and a 200-day moving average price of $2.60.
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) and Android and social networking sites, such as Facebook. The Company operates through developing and monetizing social games segment.
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