Neuberger Berman Group LLC Buys 20,467 Shares of Electronic Arts Inc. (EA)
Neuberger Berman Group LLC lifted its stake in shares of Electronic Arts Inc. (NASDAQ:EA) by 7.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 300,781 shares of the game software company’s stock after acquiring an additional 20,467 shares during the quarter. Neuberger Berman Group LLC owned approximately 0.10% of Electronic Arts worth $31,799,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. D. Scott Neal Inc. bought a new position in shares of Electronic Arts during the 2nd quarter valued at approximately $120,000. Guardian Life Insurance Co. of America grew its stake in shares of Electronic Arts by 2.9% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,190 shares of the game software company’s stock valued at $107,000 after acquiring an additional 34 shares during the period. Invictus RG grew its stake in shares of Electronic Arts by 722.0% during the 1st quarter. Invictus RG now owns 1,307 shares of the game software company’s stock valued at $117,000 after acquiring an additional 1,148 shares during the period. Commerce Bank bought a new position in shares of Electronic Arts during the 1st quarter valued at approximately $203,000. Finally, Intrust Bank NA bought a new position in shares of Electronic Arts during the 1st quarter valued at approximately $204,000. Institutional investors own 93.89% of the company’s stock.
Electronic Arts Inc. (EA) opened at 119.31 on Tuesday. The company has a market capitalization of $36.83 billion, a P/E ratio of 31.94 and a beta of 0.68. Electronic Arts Inc. has a 52-week low of $73.74 and a 52-week high of $122.79. The stock’s 50 day moving average price is $116.33 and its 200-day moving average price is $103.28.
Electronic Arts (NASDAQ:EA) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $768.47 million. Electronic Arts had a return on equity of 29.77% and a net margin of 23.31%. The business’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 earnings per share. Analysts predict that Electronic Arts Inc. will post $4.24 earnings per share for the current fiscal year.
Electronic Arts declared that its board has authorized a share buyback program 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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In other news, CEO Andrew Wilson sold 100,000 shares of Electronic Arts stock in a transaction that occurred on Friday, June 16th. The stock was 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 directly owns 100,000 shares of the company’s stock, valued at $11,131,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrick Soderlund sold 50,000 shares of Electronic Arts stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $111.32, for a total value of $5,566,000.00. Following the completion of the sale, the executive vice president now directly owns 139,507 shares in the company, valued at $15,529,919.24. The disclosure for this sale can be found here. Insiders sold 333,539 shares of company stock worth $38,242,133 over the last ninety days. Corporate insiders own 2.55% of the company’s stock.
A number of brokerages recently issued reports on EA. UBS AG reiterated a “buy” rating and set a $112.00 price objective (up from $96.00) on shares of Electronic Arts in a research note on Thursday, May 11th. Wedbush reiterated a “buy” rating on shares of Electronic Arts in a research note on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and set a $135.00 price objective on shares of Electronic Arts in a research note on Thursday, August 31st. Piper Jaffray Companies dropped their price target on Electronic Arts from $119.00 to $99.00 and set an “overweight” rating for the company in a research note on Wednesday, May 10th. Finally, KeyCorp restated a “buy” rating on shares of Electronic Arts in a research note on Sunday, July 30th. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $115.97.
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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