Zynga (ZNGA) Cut to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Zynga (NASDAQ:ZNGA) from a strong-buy rating to a hold rating in a research report released on Saturday morning.
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. “
Other equities analysts have also recently issued reports about the stock. KeyCorp reaffirmed a hold rating on shares of Zynga in a research report on Tuesday, October 17th. Robert W. Baird reaffirmed a hold rating and set a $4.00 price objective on shares of Zynga in a research report on Friday, September 15th. BidaskClub cut shares of Zynga from a buy rating to a hold rating in a research report on Wednesday, December 6th. Consumer Edge started coverage on shares of Zynga in a research report on Wednesday, January 3rd. They set an overweight rating and a $4.50 price objective for the company. Finally, Cowen reissued a buy rating and issued a $4.50 target price on shares of Zynga in a research report on Thursday, October 12th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Zynga has a consensus rating of Buy and an average target price of $4.14.
Zynga (NASDAQ:ZNGA) last released its quarterly earnings data on Tuesday, November 7th. The company reported $0.02 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $224.60 million during the quarter, compared to analysts’ expectations of $211.98 million. During the same period in the previous year, the business posted ($0.05) earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. equities analysts predict that Zynga will post 0.02 EPS for the current fiscal year.
In related news, Director Ellen F. Siminoff sold 12,000 shares of the company’s stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $3.97, for a total transaction of $47,640.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Matthew S. Bromberg sold 50,000 shares of the company’s stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $3.95, for a total transaction of $197,500.00. Following the sale, the chief operating officer now directly owns 294,206 shares of the company’s stock, valued at approximately $1,162,113.70. The disclosure for this sale can be found here. Insiders have sold 236,000 shares of company stock valued at $930,600 in the last ninety days. 12.43% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Crow Point Partners LLC acquired a new position in Zynga during the fourth quarter worth about $114,000. AXA raised its stake in Zynga by 20.7% during the third quarter. AXA now owns 2,122,900 shares of the company’s stock worth $8,025,000 after acquiring an additional 364,300 shares in the last quarter. California Public Employees Retirement System raised its stake in Zynga by 2.0% during the third quarter. California Public Employees Retirement System now owns 1,932,268 shares of the company’s stock worth $7,304,000 after acquiring an additional 37,768 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake in Zynga by 40.0% during the third quarter. Cubist Systematic Strategies LLC now owns 287,243 shares of the company’s stock worth $1,086,000 after acquiring an additional 82,031 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Zynga by 83.9% during the third quarter. Point72 Asset Management L.P. now owns 2,881,437 shares of the company’s stock worth $10,892,000 after acquiring an additional 1,314,237 shares in the last quarter. 70.46% of the stock is owned by institutional investors and hedge funds.
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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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