Zynga Inc. (ZNGA) Downgraded by Zacks Investment Research to Hold
Zynga Inc. (NASDAQ:ZNGA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 equities analysts have also issued reports on the company. Wedbush reissued a “buy” rating and set a $4.25 target price on shares of Zynga in a research note on Sunday, September 11th. Jefferies Group reissued a “buy” rating and set a $5.00 target price on shares of Zynga in a research note on Tuesday, September 6th. FBR & Co reissued an “outperform” rating and set a $4.25 target price on shares of Zynga in a research note on Tuesday, September 13th. Robert W. Baird reissued a “neutral” rating and set a $3.00 target price on shares of Zynga in a research note on Thursday, November 3rd. Finally, Cowen and Company raised Zynga from a “market perform” rating to an “outperform” rating and set a $3.50 target price on the stock in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $3.33.
Shares of Zynga (NASDAQ:ZNGA) traded up 0.871% during midday trading on Wednesday, hitting $2.895. The stock had a trading volume of 712,698 shares. The stock’s market cap is $2.58 billion. Zynga has a one year low of $1.78 and a one year high of $3.04. The firm has a 50 day moving average price of $2.84 and a 200 day moving average price of $2.75.
Zynga (NASDAQ:ZNGA) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $0.06. Zynga had a negative net margin of 16.24% and a negative return on equity of 4.89%. The business earned $182.40 million during the quarter, compared to analyst estimates of $187.23 million. The firm’s revenue was down 6.8% on a year-over-year basis. On average, equities analysts forecast that Zynga will post $0.03 earnings per share for the current fiscal year.
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In related news, SVP Devang Shah sold 40,821 shares of the firm’s stock in a transaction that occurred on Tuesday, October 18th. The stock was sold at an average price of $2.81, for a total transaction of $114,707.01. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 16.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in Zynga during the third quarter worth about $105,000. Penserra Capital Management LLC increased its position in shares of Zynga by 3.5% in the second quarter. Penserra Capital Management LLC now owns 49,442 shares of the company’s stock valued at $123,000 after buying an additional 1,656 shares during the period. Sterling Capital Management LLC bought a new position in shares of Zynga during the second quarter valued at $124,000. Jefferies Group LLC bought a new position in shares of Zynga during the second quarter valued at $130,000. Finally, Point72 Asia Hong Kong Ltd bought a new position in shares of Zynga during the second quarter valued at $160,000. Hedge funds and other institutional investors own 60.60% of the company’s stock.
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) and Android and social networking sites, such as Facebook. The Company operates through developing and monetizing social games segment.
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