Swiss National Bank Boosts Stake in Electronic Arts Inc. (EA)
Swiss National Bank raised its position in Electronic Arts Inc. (NASDAQ:EA) by 5.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,125,555 shares of the game software company’s stock after buying an additional 56,300 shares during the period. Swiss National Bank owned 0.36% of Electronic Arts worth $118,994,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. D. Scott Neal Inc. acquired a new position in shares of Electronic Arts during the second quarter worth $120,000. Guardian Life Insurance Co. of America raised its position in shares of 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 in the last quarter. Invictus RG raised its position in shares of 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 in the last quarter. Commerce Bank acquired a new position in shares of Electronic Arts during the first quarter worth $203,000. Finally, Intrust Bank NA acquired a new position in shares of Electronic Arts during the first quarter worth $204,000. Hedge funds and other institutional investors own 93.88% of the company’s stock.
Electronic Arts Inc. (NASDAQ:EA) opened at 121.50 on Friday. The stock has a 50 day moving average of $116.05 and a 200 day moving average of $103.05. The company has a market cap of $37.51 billion, a PE ratio of 32.53 and a beta of 0.72. Electronic Arts Inc. has a one year low of $73.74 and a one year high of $122.79.
Electronic Arts (NASDAQ:EA) last issued its quarterly earnings data on Thursday, July 27th. The game software company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.22. The business had revenue of $775 million for the quarter, compared to analysts’ expectations of $768.47 million. Electronic Arts had a return on equity of 29.77% and a net margin of 23.31%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 EPS. On average, analysts anticipate that Electronic Arts Inc. will post $4.24 earnings per share for the current fiscal year.
Electronic Arts announced that its board has authorized a stock buyback plan on Tuesday, May 9th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the game software company to reacquire up to 45% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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A number of equities research analysts have recently issued reports on the stock. 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 shares of Electronic Arts from a “buy” rating to a “strong-buy” rating in a report on Friday. Wedbush reissued a “buy” rating on shares of Electronic Arts in a report on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and issued a $135.00 price target on shares of Electronic Arts in a report on Thursday. Finally, Piper Jaffray Companies lowered their price target on shares of Electronic Arts from $119.00 to $99.00 and set an “overweight” rating on the stock in a report on Wednesday, May 10th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. Electronic Arts presently has an average rating of “Buy” and an average target price of $115.97.
In related news, EVP Chris Bruzzo sold 1,500 shares of the stock in a transaction on 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 owns 33,345 shares in the company, valued at approximately $3,533,903.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew Wilson sold 100,000 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $111.31, for a total value of $11,131,000.00. Following the sale, the chief executive officer now owns 100,000 shares in the company, valued at approximately $11,131,000. The disclosure for this sale can be found here. Insiders have sold a total of 277,689 shares of company stock worth $31,474,230 over the last ninety days. Insiders own 2.55% of the company’s stock.
About Electronic Arts
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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