CIBC Asset Management Inc Lowers Stake in Electronic Arts Inc. (EA)
CIBC Asset Management Inc decreased its stake in shares of Electronic Arts Inc. (NASDAQ:EA) by 2.4% in the 4th quarter, HoldingsChannel reports. The fund owned 45,914 shares of the game software company’s stock after selling 1,106 shares during the quarter. CIBC Asset Management Inc’s holdings in Electronic Arts were worth $4,824,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. CI Investments Inc. increased its position in shares of Electronic Arts by 96.8% during the fourth quarter. CI Investments Inc. now owns 57,849 shares of the game software company’s stock worth $6,078,000 after acquiring an additional 28,449 shares in the last quarter. CI Global Investments Inc. bought a new stake in shares of Electronic Arts during the fourth quarter worth $43,137,000. US Bancorp DE increased its position in shares of Electronic Arts by 0.7% during the fourth quarter. US Bancorp DE now owns 91,721 shares of the game software company’s stock worth $9,636,000 after acquiring an additional 595 shares in the last quarter. Cedar Capital LLC increased its position in shares of Electronic Arts by 27.2% during the fourth quarter. Cedar Capital LLC now owns 3,311 shares of the game software company’s stock worth $348,000 after acquiring an additional 707 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Electronic Arts during the fourth quarter worth $210,000. 92.63% of the stock is owned by institutional investors.
In other news, SVP Vijayanthimala Singh sold 200 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $126.75, for a total transaction of $25,350.00. Following the completion of the sale, the senior vice president now owns 4,528 shares in the company, valued at approximately $573,924. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Andrew Wilson sold 9,000 shares of the firm’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. In the last 90 days, insiders have sold 56,658 shares of company stock valued at $6,297,859. 2.55% of the stock is currently owned by corporate insiders.
Electronic Arts (NASDAQ:EA) last posted its earnings results on Tuesday, January 30th. The game software company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.03. The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Electronic Arts had a net margin of 19.67% and a return on equity of 25.42%. sell-side analysts expect that Electronic Arts Inc. will post 3.66 earnings per share for the current year.
EA has been the subject of a number of analyst reports. SunTrust Banks initiated coverage on shares of Electronic Arts in a research report on Tuesday, October 10th. They issued a “buy” rating and a $133.00 target price for the company. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $128.00 target price on shares of Electronic Arts in a research report on Thursday, October 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 target price on shares of Electronic Arts in a research report on Friday, October 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $126.00 target price (down previously from $128.00) on shares of Electronic Arts in a research report on Wednesday, October 18th. Finally, BidaskClub downgraded shares of Electronic Arts from a “hold” rating to a “sell” rating in a research report on Saturday, October 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $130.34.
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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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