Electronic Arts’ (NASDAQ:EA) “Buy” Rating Reaffirmed at Wedbush
EA has been the subject of a number of other reports. Pacific Crest restated an overweight rating and issued a $112.00 price objective on shares of Electronic Arts in a report on Wednesday, April 26th. Needham & Company LLC initiated coverage on shares of Electronic Arts in a report on Monday, July 17th. They issued a buy rating and a $130.00 price objective for the company. Vetr upgraded shares of Electronic Arts from a hold rating to a buy rating and set a $99.98 price objective for the company in a report on Monday, May 8th. Zacks Investment Research lowered shares of Electronic Arts from a buy rating to a hold rating in a report on Tuesday, April 4th. Finally, Jefferies Group LLC reiterated a buy rating and set a $135.00 target price (up from $123.00) on shares of Electronic Arts in a research note on Friday. Four equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Electronic Arts currently has a consensus rating of Buy and an average price target of $115.19.
Shares of Electronic Arts (NASDAQ EA) opened at 116.74 on Friday. The stock has a 50 day moving average price of $110.82 and a 200 day moving average price of $97.50. Electronic Arts has a 52 week low of $73.74 and a 52 week high of $120.25. The stock has a market capitalization of $36.07 billion, a P/E ratio of 31.26 and a beta of 0.70.
Electronic Arts (NASDAQ:EA) last released its earnings results on Thursday, July 27th. The game software company reported $0.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.22. Electronic Arts had a net margin of 23.31% and a return on equity of 29.77%. The firm had revenue of $775 million during the quarter, compared to analyst estimates of $768.47 million. During the same period last year, the business earned $0.07 earnings per share. The business’s revenue was up 13.6% on a year-over-year basis. On average, equities research analysts expect that Electronic Arts will post $4.22 EPS for the current year.
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Electronic Arts announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 9th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the game software company to repurchase up to 45% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In related news, CEO Andrew Wilson sold 10,965 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $108.00, for a total value of $1,184,220.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Peter R. Moore sold 10,000 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $94.01, for a total transaction of $940,100.00. Following the completion of the sale, the executive vice president now directly owns 12,122 shares in the company, valued at $1,139,589.22. The disclosure for this sale can be found here. Insiders have sold a total of 332,857 shares of company stock worth $36,274,101 over the last 90 days. Corporate insiders own 2.55% of the company’s stock.
A number of hedge funds have recently bought and sold shares of EA. Guardian Life Insurance Co. of America increased its position in Electronic Arts by 2.9% in the first quarter. Guardian Life Insurance Co. of America now owns 1,190 shares of the game software company’s stock worth $107,000 after buying an additional 34 shares in the last quarter. Jaffetilchin Investment Partners LLC increased its position in Electronic Arts by 0.9% in the first quarter. Jaffetilchin Investment Partners LLC now owns 4,943 shares of the game software company’s stock worth $442,000 after buying an additional 45 shares in the last quarter. ProVise Management Group LLC increased its position in Electronic Arts by 1.3% in the first quarter. ProVise Management Group LLC now owns 4,288 shares of the game software company’s stock worth $384,000 after buying an additional 53 shares in the last quarter. San Francisco Sentry Investment Group CA increased its position in Electronic Arts by 1.4% in the first quarter. San Francisco Sentry Investment Group CA now owns 4,962 shares of the game software company’s stock worth $444,000 after buying an additional 67 shares in the last quarter. Finally, NEXT Financial Group Inc increased its position in Electronic Arts by 0.6% in the second quarter. NEXT Financial Group Inc now owns 12,316 shares of the game software company’s stock worth $1,302,000 after buying an additional 70 shares in the last quarter. 98.14% of the stock is currently owned by institutional investors.
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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