Zynga Inc. (NASDAQ:ZNGA) Upgraded to Buy at Zacks Investment Research
Zynga Inc. (NASDAQ:ZNGA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $4.25 price objective on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.03% from the stock’s previous close.
According to Zacks, “Zynga Inc. is the world’s largest social game developer with users playing their games which include CityVille, FarmVille, FrontierVille, Words With Friends, Mafia Wars, Zynga Poker, Cafe World, and Treasure Isle. Zynga Inc. games are available on a number of global platforms including Facebook, MySpace, Yahoo, the iPad, the iPhone and Android devices. They operate their games as live services, by which they mean that they continue to support and update games after launch and gather daily, metrics-based player feedback that enable them to continually enhance their games by adding new content and features. All of their games are free to play, and they generate revenue through the in-game sale of virtual goods and advertising. “
ZNGA has been the subject of a number of other reports. Morgan Stanley reiterated an “overweight” rating and issued a $3.70 target price on shares of Zynga in a research note on Saturday, July 22nd. Wedbush reiterated an “outperform” rating and issued a $4.65 target price (up from $4.25) on shares of Zynga in a research note on Monday, July 31st. Pacific Crest reiterated a “sector weight” rating on shares of Zynga in a research note on Wednesday, April 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $5.00 target price on shares of Zynga in a research note on Tuesday, April 18th. Finally, Canaccord Genuity lifted their target price on shares of Zynga from $3.00 to $3.50 and gave the company a “hold” rating in a research note on Thursday, August 3rd. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $4.01.
Shares of Zynga (NASDAQ ZNGA) opened at 3.76 on Thursday. Zynga has a 52-week low of $2.40 and a 52-week high of $3.86. The stock has a 50 day moving average of $3.66 and a 200 day moving average of $3.15. The firm’s market cap is $3.25 billion.
Zynga (NASDAQ:ZNGA) last posted its earnings results on Wednesday, August 2nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.01. The business had revenue of $209.20 million during the quarter, compared to analyst estimates of $201.64 million. Zynga had a negative net margin of 10.50% and a negative return on equity of 3.83%. The company’s revenue was up 15.1% compared to the same quarter last year. Equities analysts predict that Zynga will post $0.09 EPS for the current fiscal year.
In related news, Director William B. Gordon sold 1,232,373 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $3.50, for a total transaction of $4,313,305.50. Following the transaction, the director now owns 832,603 shares of the company’s stock, valued at $2,914,110.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ellen F. Siminoff sold 12,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $3.62, for a total transaction of $43,440.00. Following the transaction, the director now directly owns 158,478 shares in the company, valued at approximately $573,690.36. The disclosure for this sale can be found here. Insiders have sold 1,818,010 shares of company stock worth $6,377,868 in the last ninety days. 12.43% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the company. World Asset Management Inc raised its position in shares of Zynga by 0.4% in the second quarter. World Asset Management Inc now owns 27,842 shares of the company’s stock worth $101,000 after buying an additional 98 shares during the period. Princeton Portfolio Strategies Group LLC raised its position in shares of Zynga by 43.6% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 35,900 shares of the company’s stock worth $102,000 after buying an additional 10,900 shares during the period. HighTower Advisors LLC bought a new position in shares of Zynga during the first quarter worth about $116,000. Prudential Financial Inc. raised its position in shares of Zynga by 9.1% in the second quarter. Prudential Financial Inc. now owns 44,500 shares of the company’s stock worth $162,000 after buying an additional 3,700 shares during the period. Finally, Timber Hill LLC raised its position in shares of Zynga by 49.0% in the second quarter. Timber Hill LLC now owns 44,446 shares of the company’s stock worth $162,000 after buying an additional 14,616 shares during the period. 66.31% of the stock is currently owned by institutional investors and hedge funds.
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) operating system and Android operating system and social networking sites, such as Facebook. The Company has developed a range of social games, including games in its Slots, Words With Friends, Zynga Poker and FarmVille franchises.
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