Activision Blizzard, Inc (ATVI) Stock Rating Upgraded by Zacks Investment Research
Activision Blizzard, Inc (NASDAQ:ATVI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm currently has a $53.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 16.77% from the stock’s current price.
According to Zacks, “Activision reported fourth quarter results wherein both adjusted earnings and revenues beat the Zacks Consensus Estimate. However, management provided a subdued outlook for 2017 underscoring a “lighter slate” of releases in the year. Nonetheless, we believe the company’s enviable product portfolio that includes the likes of Call of Duty and World of Warcraft along with increasing digital revenues will continue to drive growth. Moreover, the company will continue to benefit from acquisition of King Digital. The company’s attempts to become a broad-based media company are prudent in our view. Apart from launching a movie studio and consumer products division, the company is also strengthening its presence in the lucrative e-sports market. Over the past one year, share prices have outperformed the Zacks categorized Toys/Games/Hobby Prod industry. “
Other research analysts have also issued reports about the company. Stifel Nicolaus reissued a “buy” rating and issued a $53.00 price objective (up from $45.00) on shares of Activision Blizzard in a report on Friday, February 10th. Barclays PLC set a $44.00 price objective on Activision Blizzard and gave the company a “buy” rating in a report on Thursday, December 15th. Robert W. Baird reissued an “outperform” rating and issued a $47.00 price objective on shares of Activision Blizzard in a report on Friday, February 10th. Benchmark Co. increased their price objective on Activision Blizzard from $49.79 to $50.87 and gave the company a “buy” rating in a report on Monday, November 7th. Finally, Macquarie reissued an “outperform” rating and issued a $46.00 price objective on shares of Activision Blizzard in a report on Friday, November 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Activision Blizzard has a consensus rating of “Buy” and a consensus target price of $49.37.
Activision Blizzard (NASDAQ:ATVI) opened at 45.39 on Wednesday. The stock has a market capitalization of $33.77 billion, a PE ratio of 35.46 and a beta of 1.03. The company has a 50-day moving average price of $39.90 and a 200-day moving average price of $40.71. Activision Blizzard has a 12-month low of $28.65 and a 12-month high of $47.64.
Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings data on Thursday, February 9th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.19. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.39 billion. Activision Blizzard had a return on equity of 16.70% and a net margin of 13.86%. The company’s revenue was up 81.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.83 earnings per share. Analysts expect that Activision Blizzard will post $1.96 earnings per share for the current fiscal year.
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In other Activision Blizzard news, Director Robert J. Morgado sold 242,843 shares of the stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $45.72, for a total transaction of $11,102,781.96. Following the transaction, the director now owns 279,783 shares in the company, valued at $12,791,678.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian G. Kelly sold 5,037,998 shares of the stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $45.67, for a total value of $230,085,368.66. Following the transaction, the director now owns 559,850 shares in the company, valued at approximately $25,568,349.50. The disclosure for this sale can be found here. Corporate insiders own 25.23% of the company’s stock.
A number of institutional investors have recently modified their holdings of ATVI. Public Employees Retirement Association of Colorado increased its position in shares of Activision Blizzard by 1.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 116,618 shares of the company’s stock worth $4,622,000 after buying an additional 1,807 shares in the last quarter. BP PLC increased its position in shares of Activision Blizzard by 11.8% in the second quarter. BP PLC now owns 255,000 shares of the company’s stock worth $10,106,000 after buying an additional 27,000 shares in the last quarter. Chicago Equity Partners LLC increased its position in shares of Activision Blizzard by 28.5% in the second quarter. Chicago Equity Partners LLC now owns 14,965 shares of the company’s stock worth $593,000 after buying an additional 3,320 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in shares of Activision Blizzard by 6,400.5% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 915,341 shares of the company’s stock worth $36,275,000 after buying an additional 901,260 shares in the last quarter. Finally, Badgley Phelps & Bell Inc. increased its position in shares of Activision Blizzard by 1.8% in the second quarter. Badgley Phelps & Bell Inc. now owns 189,510 shares of the company’s stock worth $7,510,000 after buying an additional 3,285 shares in the last quarter. Institutional investors own 86.29% of the company’s stock.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
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