Bp Plc Lowers Position in Electronic Arts Inc. (EA)
Bp Plc reduced its stake in shares of Electronic Arts Inc. (NASDAQ:EA) by 68.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,000 shares of the game software company’s stock after selling 70,000 shares during the period. Bp Plc’s holdings in Electronic Arts were worth $3,489,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Foundry Partners LLC increased its position in Electronic Arts by 17.9% in the first quarter. Foundry Partners LLC now owns 13,944 shares of the game software company’s stock valued at $1,248,000 after buying an additional 2,116 shares during the period. Raymond James Trust N.A. increased its position in Electronic Arts by 18.8% in the first quarter. Raymond James Trust N.A. now owns 3,708 shares of the game software company’s stock valued at $332,000 after buying an additional 588 shares during the period. Gulf International Bank UK Ltd increased its position in Electronic Arts by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 95,345 shares of the game software company’s stock valued at $8,535,000 after buying an additional 1,300 shares during the period. Bank of Montreal Can increased its position in Electronic Arts by 3.8% in the first quarter. Bank of Montreal Can now owns 373,561 shares of the game software company’s stock valued at $33,441,000 after buying an additional 13,771 shares during the period. Finally, Jacobs & Co. CA increased its position in Electronic Arts by 21.6% in the first quarter. Jacobs & Co. CA now owns 37,834 shares of the game software company’s stock valued at $3,386,000 after buying an additional 6,727 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.
Shares of Electronic Arts Inc. (NASDAQ:EA) opened at 116.11 on Thursday. Electronic Arts Inc. has a 12 month low of $73.74 and a 12 month high of $120.25. The stock has a market capitalization of $35.88 billion, a PE ratio of 31.09 and a beta of 0.72. The company has a 50-day moving average of $112.04 and a 200-day moving average of $99.10.
Electronic Arts (NASDAQ:EA) last released its quarterly earnings results on Thursday, July 27th. The game software company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.22. The business had revenue of $775 million during the quarter, compared to analyst estimates of $768.47 million. Electronic Arts had a net margin of 23.31% and a return on equity of 29.77%. The business’s revenue was up 13.6% on a year-over-year basis. During the same period last year, the business earned $0.07 EPS. On average, equities research analysts expect that Electronic Arts Inc. will post $4.24 EPS for the current fiscal year.
Electronic Arts declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 9th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the game software company to purchase up to 45% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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EA has been the subject of several research reports. Vetr upgraded shares of Electronic Arts from a “buy” rating to a “strong-buy” rating and set a $125.00 price target for the company in a research note on Tuesday, July 4th. BidaskClub downgraded shares of Electronic Arts from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Benchmark Co. boosted their price target on shares of Electronic Arts from $114.00 to $131.00 and gave the stock a “buy” rating in a research note on Tuesday, June 20th. Zacks Investment Research upgraded shares of Electronic Arts from a “sell” rating to a “hold” rating in a research note on Wednesday, May 3rd. Finally, BMO Capital Markets restated a “hold” rating and issued a $80.00 price target on shares of Electronic Arts in a research note on Thursday, April 13th. Five investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Electronic Arts currently has an average rating of “Buy” and a consensus price target of $115.19.
In other Electronic Arts news, EVP Patrick Soderlund sold 55,163 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $107.14, for a total transaction of $5,910,163.82. Following the completion of the transaction, the executive vice president now directly owns 213,689 shares of the company’s stock, valued at approximately $22,894,639.46. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jacob J. Schatz sold 2,200 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $107.22, for a total transaction of $235,884.00. Following the transaction, the senior vice president now directly owns 22,935 shares of the company’s stock, valued at $2,459,090.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 336,915 shares of company stock valued at $37,032,377. Company insiders own 2.55% of the company’s stock.
About Electronic Arts
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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