Zynga (ZNGA) Research Coverage Started at Consumer Edge
Stock analysts at Consumer Edge started coverage on shares of Zynga (NASDAQ:ZNGA) in a report issued on Wednesday. The brokerage set an “overweight” rating and a $4.50 price target on the stock. Consumer Edge’s price target would indicate a potential upside of 14.80% from the company’s current price.
Other analysts have also issued research reports about the company. Cowen restated a “buy” rating and issued a $4.50 price objective on shares of Zynga in a research note on Thursday, October 12th. Wedbush set a $5.00 target price on Zynga and gave the stock a “buy” rating in a research note on Wednesday, October 18th. KeyCorp reiterated a “hold” rating on shares of Zynga in a research note on Tuesday, October 17th. BidaskClub lowered Zynga from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Finally, Zacks Investment Research lowered Zynga from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $4.14.
Zynga (NASDAQ ZNGA) traded down $0.08 during mid-day trading on Wednesday, hitting $3.92. The stock had a trading volume of 12,411,200 shares, compared to its average volume of 8,837,850. The firm has a market capitalization of $3,440.00, a PE ratio of -130.67, a P/E/G ratio of 2.94 and a beta of 0.76. Zynga has a 52 week low of $2.40 and a 52 week high of $4.34.
In related news, insider Bernard Jin Kim sold 50,000 shares of the firm’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $3.94, for a total transaction of $197,000.00. Following the sale, the insider now owns 349,450 shares of the company’s stock, valued at approximately $1,376,833. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ellen F. Siminoff sold 12,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 139,900 shares in the company, valued at approximately $540,014. The disclosure for this sale can be found here. In the last ninety days, insiders sold 236,000 shares of company stock worth $930,600. Company insiders own 12.43% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its position in Zynga by 454.0% during the 2nd quarter. Legal & General Group Plc now owns 1,414,781 shares of the company’s stock worth $5,110,000 after purchasing an additional 1,159,405 shares during the last quarter. Comerica Bank raised its position in shares of Zynga by 914.3% in the 2nd quarter. Comerica Bank now owns 306,032 shares of the company’s stock worth $1,148,000 after acquiring an additional 275,860 shares in the last quarter. Cipher Capital LP bought a new position in shares of Zynga in the 3rd quarter worth about $977,000. Amalgamated Bank raised its position in shares of Zynga by 31.7% in the 2nd quarter. Amalgamated Bank now owns 137,196 shares of the company’s stock worth $499,000 after acquiring an additional 33,022 shares in the last quarter. Finally, FMR LLC bought a new position in shares of Zynga in the 2nd quarter worth about $8,920,000. 70.45% of the stock is currently owned by 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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