Activision Blizzard Inc. (ATVI) Coverage Initiated by Analysts at Oppenheimer Holdings Inc.
Oppenheimer Holdings Inc. initiated coverage on shares of Activision Blizzard Inc. (NASDAQ:ATVI) in a research note issued to investors on Friday morning. The brokerage issued an outperform rating and a $53.00 target price on the stock.
Several other research firms also recently issued reports on ATVI. BMO Capital Markets reiterated a hold rating and set a $34.00 price objective on shares of Activision Blizzard in a research note on Thursday, June 16th. Barclays PLC boosted their price objective on shares of Activision Blizzard from $38.00 to $42.00 and gave the stock an overweight rating in a research note on Thursday, June 16th. Pacific Crest reiterated an overweight rating and set a $43.00 price objective on shares of Activision Blizzard in a research note on Friday, June 17th. Piper Jaffray Cos. reiterated an overweight rating and set a $42.00 price objective on shares of Activision Blizzard in a research note on Friday, June 17th. Finally, Vetr upgraded shares of Activision Blizzard from a buy rating to a strong-buy rating and set a $41.75 price objective for the company in a research note on Tuesday, June 28th. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $45.30.
Activision Blizzard (NASDAQ:ATVI) traded down 0.30% on Friday, hitting $43.56. 1,960,688 shares of the company were exchanged. Activision Blizzard has a 52-week low of $26.49 and a 52-week high of $45.12. The firm has a 50 day moving average of $43.50 and a 200-day moving average of $39.51. The stock has a market cap of $32.30 billion, a PE ratio of 43.87 and a beta of 1.09.
Activision Blizzard (NASDAQ:ATVI) last released its earnings results on Thursday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. Activision Blizzard had a net margin of 13.95% and a return on equity of 14.49%. The firm earned $1.57 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm earned $0.13 earnings per share. Activision Blizzard’s revenue was up 112.0% compared to the same quarter last year. On average, equities analysts expect that Activision Blizzard will post $1.99 earnings per share for the current fiscal year.
In related news, insider Christopher B. Walther sold 45,574 shares of the stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $42.73, for a total value of $1,947,377.02. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Thomas Tippl sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $43.76, for a total value of $3,282,000.00. The disclosure for this sale can be found here. 25.23% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in ATVI. FMR LLC increased its position in shares of Activision Blizzard by 88.7% in the second quarter. FMR LLC now owns 105,342,767 shares of the company’s stock valued at $4,174,735,000 after buying an additional 49,511,148 shares during the period. Lone Pine Capital LLC bought a new position in shares of Activision Blizzard during the second quarter valued at approximately $407,916,000. Ameriprise Financial Inc. increased its position in shares of Activision Blizzard by 45.0% in the second quarter. Ameriprise Financial Inc. now owns 30,276,592 shares of the company’s stock valued at $1,199,862,000 after buying an additional 9,390,129 shares during the period. Davis Selected Advisers bought a new position in shares of Activision Blizzard during the second quarter valued at approximately $278,503,000. Finally, Winslow Capital Management LLC bought a new position in shares of Activision Blizzard during the second quarter valued at approximately $258,954,000. Hedge funds and other institutional investors own 83.74% 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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