Electronic Arts Inc. (EA) Position Increased by Arizona State Retirement System
Arizona State Retirement System increased its position in shares of Electronic Arts Inc. (NASDAQ:EA) by 0.8% during the second quarter, Holdings Channel reports. The fund owned 76,873 shares of the game software company’s stock after buying an additional 600 shares during the period. Arizona State Retirement System’s holdings in Electronic Arts were worth $8,127,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in EA. Raymond James Trust N.A. increased its stake 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 worth $332,000 after buying an additional 588 shares during the last quarter. Bank of Montreal Can increased its stake 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 worth $33,441,000 after buying an additional 13,771 shares during the last quarter. Fox Run Management L.L.C. increased its stake in Electronic Arts by 178.8% in the first quarter. Fox Run Management L.L.C. now owns 9,200 shares of the game software company’s stock worth $824,000 after buying an additional 5,900 shares during the last quarter. Cim LLC increased its stake in Electronic Arts by 4.2% in the first quarter. Cim LLC now owns 5,108 shares of the game software company’s stock worth $457,000 after buying an additional 208 shares during the last quarter. Finally, DnB Asset Management AS increased its stake in Electronic Arts by 25.1% in the first quarter. DnB Asset Management AS now owns 32,884 shares of the game software company’s stock worth $2,944,000 after buying an additional 6,600 shares during the last quarter. Hedge funds and other institutional investors own 98.02% of the company’s stock.
Electronic Arts Inc. (NASDAQ:EA) opened at 115.45 on Friday. The stock has a market capitalization of $35.64 billion, a P/E ratio of 30.91 and a beta of 0.72. Electronic Arts Inc. has a 52 week low of $73.74 and a 52 week high of $120.25. The stock has a 50 day moving average of $112.14 and a 200 day moving average of $99.46.
Electronic Arts (NASDAQ:EA) last announced its quarterly earnings results on Thursday, July 27th. The game software company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.14 by $0.22. Electronic Arts had a return on equity of 29.77% and a net margin of 23.31%. The company had revenue of $775 million for the quarter, compared to the consensus estimate of $768.47 million. During the same quarter last year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities research analysts predict that Electronic Arts Inc. will post $4.24 earnings per share for the current fiscal year.
Electronic Arts announced that its Board of Directors has initiated a stock repurchase program on Tuesday, May 9th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the game software company to buy up to 45% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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EA has been the subject of a number of recent analyst reports. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $94.00 target price on shares of Electronic Arts in a report on Thursday, April 20th. Vetr downgraded shares of Electronic Arts from a “buy” rating to a “hold” rating and set a $94.20 target price for the company. in a report on Thursday, April 20th. Zacks Investment Research downgraded shares of Electronic Arts from a “hold” rating to a “sell” rating in a report on Friday, April 21st. Cowen and Company boosted their target price on shares of Electronic Arts from $85.00 to $90.00 and gave the company a “market perform” rating in a report on Tuesday, April 25th. Finally, Pacific Crest restated an “overweight” rating and issued a $112.00 target price on shares of Electronic Arts in a report on Wednesday, April 26th. Five investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $115.19.
In other news, EVP Joel Linzner sold 10,000 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $100.34, for a total value of $1,003,400.00. Following the sale, the executive vice president now owns 26,745 shares in the company, valued at $2,683,593.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Andrew Wilson sold 9,059 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $105.91, for a total transaction of $959,438.69. The disclosure for this sale can be found here. In the last quarter, insiders have sold 336,915 shares of company stock worth $37,032,377. Corporate 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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