Electronic Arts Inc. (EA) Lifted to “Strong-Buy” at BidaskClub
BidaskClub upgraded shares of Electronic Arts Inc. (NASDAQ:EA) from a buy rating to a strong-buy rating in a research report released on Friday.
A number of other brokerages have also recently issued reports on EA. Jefferies Group LLC reiterated a buy rating and issued a $135.00 price objective on shares of Electronic Arts in a report on Thursday. Zacks Investment Research cut shares of Electronic Arts from a buy rating to a hold rating in a report on Friday, August 4th. Robert W. Baird reiterated an outperform rating and issued a $130.00 price objective (up from $115.00) on shares of Electronic Arts in a report on Sunday, July 30th. Benchmark Co. restated a buy rating and set a $136.00 price target (up from $131.00) on shares of Electronic Arts in a report on Sunday, July 30th. Finally, KeyCorp restated a buy rating on shares of Electronic Arts in a report on Sunday, July 30th. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company’s stock. Electronic Arts has a consensus rating of Buy and an average target price of $115.97.
Electronic Arts (NASDAQ EA) traded down 1.80% on Friday, reaching $119.31. The company’s stock had a trading volume of 2,751,464 shares. Electronic Arts has a 1-year low of $73.74 and a 1-year high of $122.79. The company has a market capitalization of $36.83 billion, a price-to-earnings ratio of 31.94 and a beta of 0.68. The stock has a 50 day moving average price of $116.33 and a 200-day moving average price of $103.28.
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 Zacks’ consensus estimate of $0.14 by $0.22. The firm had revenue of $775 million during the quarter, compared to analysts’ expectations of $768.47 million. Electronic Arts had a net margin of 23.31% and a return on equity of 29.77%. Electronic Arts’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.07 earnings per share. Equities analysts predict that Electronic Arts will post $4.24 earnings per share for the current fiscal year.
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Electronic Arts declared that its board has initiated a stock buyback program on Tuesday, May 9th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the game software company to buy up to 45% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
In other Electronic Arts news, Director Lawrence F. Probst III sold 55,850 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $121.18, for a total transaction of $6,767,903.00. Following the sale, the director now directly owns 171,123 shares of the company’s stock, valued at $20,736,685.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Blake J. Jorgensen sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $107.90, for a total transaction of $1,079,000.00. Following the sale, the chief financial officer now directly owns 229,614 shares in the company, valued at $24,775,350.60. The disclosure for this sale can be found here. Insiders sold 333,539 shares of company stock valued at $38,242,133 in the last three months. Company insiders own 2.55% of the company’s stock.
A number of institutional investors have recently modified their holdings of EA. Strs Ohio grew its stake in Electronic Arts by 3.3% during the first quarter. Strs Ohio now owns 12,070 shares of the game software company’s stock worth $1,080,000 after buying an additional 381 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in Electronic Arts by 16.8% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 69,556 shares of the game software company’s stock worth $6,227,000 after buying an additional 10,011 shares during the last quarter. APG Asset Management N.V. grew its stake in Electronic Arts by 17.9% during the first quarter. APG Asset Management N.V. now owns 1,339,318 shares of the game software company’s stock worth $119,896,000 after buying an additional 203,712 shares during the last quarter. State Treasurer State of Michigan grew its stake in Electronic Arts by 2.6% during the first quarter. State Treasurer State of Michigan now owns 101,306 shares of the game software company’s stock worth $9,069,000 after buying an additional 2,600 shares during the last quarter. Finally, Tyers Asset Management LLC grew its stake in Electronic Arts by 17.3% during the first quarter. Tyers Asset Management LLC now owns 7,588 shares of the game software company’s stock worth $679,000 after buying an additional 1,120 shares during the last quarter. 93.89% of the stock is currently owned by hedge funds and other institutional investors.
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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