Prudential Financial Inc. Has $174.20 Million Position in Electronic Arts Inc. (EA)
Prudential Financial Inc. cut its position in shares of Electronic Arts Inc. (NASDAQ:EA) by 13.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,647,724 shares of the game software company’s stock after selling 263,839 shares during the period. Prudential Financial Inc. owned about 0.53% of Electronic Arts worth $174,198,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Guardian Life Insurance Co. of America increased its stake in Electronic Arts by 2.9% in the first quarter. Guardian Life Insurance Co. of America now owns 1,190 shares of the game software company’s stock worth $107,000 after buying an additional 34 shares during the last quarter. Invictus RG increased its stake in Electronic Arts by 722.0% in the first quarter. Invictus RG now owns 1,307 shares of the game software company’s stock worth $117,000 after buying an additional 1,148 shares during the last quarter. D. Scott Neal Inc. purchased a new stake in Electronic Arts during the second quarter worth approximately $120,000. Commerce Bank purchased a new stake in Electronic Arts during the first quarter worth approximately $203,000. Finally, Intrust Bank NA purchased a new stake in Electronic Arts during the first quarter worth approximately $204,000. Hedge funds and other institutional investors own 97.31% of the company’s stock.
Shares of Electronic Arts Inc. (NASDAQ:EA) opened at 116.93 on Friday. Electronic Arts Inc. has a 52 week low of $73.74 and a 52 week high of $120.45. The firm’s 50-day moving average price is $114.74 and its 200 day moving average price is $101.99. The firm has a market capitalization of $36.10 billion, a price-to-earnings ratio of 31.31 and a beta of 0.72.
Electronic Arts (NASDAQ:EA) last issued its quarterly earnings results on Thursday, July 27th. The game software company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.14 by $0.22. Electronic Arts had a net margin of 23.31% and a return on equity of 29.77%. The firm had revenue of $775 million for the quarter, compared to analysts’ expectations of $768.47 million. During the same period in the previous year, the firm posted $0.07 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, analysts anticipate that Electronic Arts Inc. will post $4.24 EPS for the current year.
Electronic Arts announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 9th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the game software company to purchase up to 45% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
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EA has been the subject of a number of analyst reports. Jefferies Group LLC reissued a “buy” rating and issued a $123.00 price target (up from $110.00) on shares of Electronic Arts in a report on Wednesday, May 10th. Robert W. Baird reissued an “outperform” rating on shares of Electronic Arts in a report on Thursday, May 11th. UBS AG reissued a “buy” rating and issued a $112.00 price target (up from $96.00) on shares of Electronic Arts in a report on Thursday, May 11th. BidaskClub raised Electronic Arts from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. Finally, Macquarie boosted their price target on Electronic Arts from $105.00 to $108.00 and gave the stock an “outperform” rating in a report on Wednesday, May 10th. Four equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $115.19.
In other Electronic Arts news, CEO Andrew Wilson sold 8,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $114.32, for a total transaction of $914,560.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Chris Bruzzo sold 1,500 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $105.98, for a total transaction of $158,970.00. Following the sale, the executive vice president now directly owns 33,345 shares in the company, valued at $3,533,903.10. The disclosure for this sale can be found here. Insiders have sold a total of 289,689 shares of company stock worth $32,845,950 over the last three months. Insiders own 2.55% of the company’s stock.
Electronic Arts Company Profile
Electronic Arts Inc develops, markets, publishes and distributes games, content and services that can be played by consumers on a range of platforms, which include consoles, personal computers (PCs), mobile phones and tablets. The Company’s games and services are based on a portfolio of intellectual property that includes established brands, such as FIFA, Madden NFL, Star Wars, Battlefield, the Sims and Need for Speed.
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