Electronic Arts (EA) Shares Down 5.3% Following Insider Selling
Electronic Arts Inc. (NASDAQ:EA)’s share price was down 5.3% during mid-day trading on Thursday following insider selling activity. The company traded as low as $116.52 and last traded at $116.54. Approximately 5,475,196 shares traded hands during trading, an increase of 12% from the average daily volume of 4,869,470 shares. The stock had previously closed at $123.05.
Specifically, CFO Blake J. Jorgensen sold 10,500 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $118.90, for a total value of $1,248,450.00. Following the completion of the sale, the chief financial officer now directly owns 148,971 shares of the company’s stock, valued at $17,712,651.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Wilson sold 9,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $128.30, for a total transaction of $1,154,700.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,158 shares of company stock worth $7,546,309. Company insiders own 2.55% of the company’s stock.
EA has been the subject of a number of research reports. Zacks Investment Research raised shares of Electronic Arts from a “hold” rating to a “buy” rating and set a $130.00 price objective for the company in a research note on Friday, October 27th. Wedbush set a $136.00 price objective on shares of Electronic Arts and gave the stock a “buy” rating in a research note on Thursday, October 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Electronic Arts in a research note on Friday, October 13th. Robert W. Baird reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Electronic Arts in a research note on Wednesday, November 1st. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Electronic Arts in a research note on Wednesday, November 1st. Seven equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $130.34.
Electronic Arts (NASDAQ:EA) last announced its quarterly earnings data on Tuesday, January 30th. The game software company reported $2.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.03. The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.02 billion. Electronic Arts had a net margin of 19.67% and a return on equity of 25.42%. equities research analysts predict that Electronic Arts Inc. will post 3.66 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Electronic Arts by 4.4% in the 4th quarter. BlackRock Inc. now owns 21,297,293 shares of the game software company’s stock valued at $2,237,493,000 after purchasing an additional 904,557 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Electronic Arts by 0.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,203,946 shares of the game software company’s stock valued at $496,317,000 after purchasing an additional 25,397 shares during the last quarter. American Century Companies Inc. increased its holdings in Electronic Arts by 6.3% in the 4th quarter. American Century Companies Inc. now owns 2,883,283 shares of the game software company’s stock worth $302,918,000 after buying an additional 171,179 shares during the period. Wells Fargo & Company MN increased its holdings in Electronic Arts by 16.7% in the 3rd quarter. Wells Fargo & Company MN now owns 1,886,592 shares of the game software company’s stock worth $222,730,000 after buying an additional 269,834 shares during the period. Finally, Egerton Capital UK LLP acquired a new position in Electronic Arts in the 4th quarter worth approximately $184,412,000. 92.63% of the stock is owned by hedge funds and other institutional investors.
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Electronic Arts Company Profile
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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