Zynga Inc. (ZNGA) Downgraded by Zacks Investment Research
Zynga Inc. (NASDAQ:ZNGA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
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. “
Several other research analysts have also recently issued reports on the stock. Cowen and Company increased their target price on shares of Zynga from $4.25 to $4.50 and gave the stock an “outperform” rating in a report on Friday, June 23rd. Morgan Stanley reissued an “overweight” rating and set a $3.70 price target on shares of Zynga in a research report on Saturday, July 22nd. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Zynga in a research report on Friday, September 8th. They set a “neutral” rating and a $3.90 price target for the company. Canaccord Genuity increased their price target on shares of Zynga from $3.00 to $3.50 and gave the company a “hold” rating in a research report on Thursday, August 3rd. Finally, Wedbush increased their price target on shares of Zynga from $4.25 to $4.65 and gave the company an “outperform” rating in a research report on Thursday, August 3rd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $4.06.
Shares of Zynga (NASDAQ ZNGA) opened at 3.81 on Thursday. The stock has a 50 day moving average of $3.73 and a 200 day moving average of $3.44. Zynga has a 52-week low of $2.40 and a 52-week high of $4.02. The stock’s market capitalization is $3.30 billion.
Zynga (NASDAQ:ZNGA) last issued its earnings results on Wednesday, August 2nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.01). Zynga had a negative return on equity of 3.83% and a negative net margin of 10.50%. The business had revenue of $209.20 million for the quarter, compared to the consensus estimate of $201.64 million. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. Analysts forecast that Zynga will post $0.10 earnings per share for the current year.
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In other news, Director Ellen F. Siminoff sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $3.77, for a total transaction of $45,240.00. Following the sale, the director now owns 134,478 shares of the company’s stock, valued at approximately $506,982.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 36,000 shares of company stock worth $134,160 in the last ninety days. Corporate insiders own 12.43% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ZNGA. World Asset Management Inc grew its stake in Zynga by 0.4% in the 2nd quarter. World Asset Management Inc now owns 27,842 shares of the company’s stock valued at $101,000 after acquiring an additional 98 shares during the period. The Manufacturers Life Insurance Company grew its stake in Zynga by 23.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,835 shares of the company’s stock valued at $112,000 after acquiring an additional 5,815 shares during the period. HighTower Advisors LLC acquired a new stake in Zynga in the 1st quarter valued at $116,000. Prudential Financial Inc. grew its stake in Zynga by 9.1% in the 2nd quarter. Prudential Financial Inc. now owns 44,500 shares of the company’s stock valued at $162,000 after acquiring an additional 3,700 shares during the period. Finally, Timber Hill LLC grew its stake in Zynga by 49.0% in the 2nd quarter. Timber Hill LLC now owns 44,446 shares of the company’s stock valued at $162,000 after acquiring an additional 14,616 shares during the period. 68.19% of the stock is currently owned by hedge funds and other institutional investors.
Zynga Company Profile
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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