Zacks Investment Research Upgrades Zynga Inc. (ZNGA) to “Strong-Buy”
Zynga Inc. (NASDAQ:ZNGA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Saturday. The firm currently has a $4.50 price target on the stock. Zacks Investment Research‘s target price points to a potential upside of 15.68% from the stock’s current price.
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. “
ZNGA has been the topic of several other reports. Morgan Stanley reaffirmed an “overweight” rating and set a $3.70 price target on shares of Zynga in a research note on Saturday, July 22nd. Wedbush set a $5.00 price objective on shares of Zynga and gave the stock a “buy” rating in a report on Wednesday, October 18th. Cowen and Company reiterated a “buy” rating and set a $4.50 price objective on shares of Zynga in a report on Thursday, October 12th. Canaccord Genuity increased their price objective on shares of Zynga from $3.00 to $3.50 and gave the stock a “hold” rating in a report on Thursday, August 3rd. Finally, Goldman Sachs Group, Inc. (The) assumed coverage on shares of Zynga in a report on Friday, September 8th. They set a “neutral” rating and a $3.90 price objective on the stock. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Zynga presently has an average rating of “Buy” and a consensus target price of $4.11.
Shares of Zynga (NASDAQ:ZNGA) opened at $3.89 on Friday. Zynga has a 12 month low of $2.40 and a 12 month high of $4.09.
Zynga (NASDAQ:ZNGA) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. Zynga had a negative net margin of 2.65% and a negative return on equity of 1.37%. The company had revenue of $224.60 million for the quarter, compared to analysts’ expectations of $211.98 million. During the same period last year, the company earned ($0.05) EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. equities research analysts anticipate that Zynga will post 0.02 earnings per share for the current year.
In related news, Director Ellen F. Siminoff sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $3.86, for a total value of $46,320.00. Following the transaction, the director now owns 139,900 shares in the company, valued at $540,014. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 36,000 shares of company stock worth $137,040 in the last 90 days. 12.43% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of ZNGA. World Asset Management Inc raised its holdings in Zynga by 0.4% in the second quarter. World Asset Management Inc now owns 27,842 shares of the company’s stock valued at $101,000 after buying an additional 98 shares during the period. The Manufacturers Life Insurance Company grew its position in Zynga by 23.2% in the second 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 in the last quarter. HighTower Advisors LLC acquired a new stake in Zynga in the first quarter valued at approximately $116,000. Dynamic Technology Lab Private Ltd acquired a new stake in Zynga in the third quarter valued at approximately $150,000. Finally, Prudential Financial Inc. grew its position in Zynga by 9.1% in the second 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 in the last quarter. Hedge funds and other institutional investors own 69.31% of the company’s stock.
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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