JPMorgan Chase & Co. Sells 2,099,934 Shares of Zynga Inc. (ZNGA)
JPMorgan Chase & Co. trimmed its position in Zynga Inc. (NASDAQ:ZNGA) by 53.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,821,061 shares of the company’s stock after selling 2,099,934 shares during the period. JPMorgan Chase & Co. owned 0.21% of Zynga worth $6,628,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Zynga by 10.2% in the first quarter. Vanguard Group Inc. now owns 60,636,895 shares of the company’s stock worth $172,814,000 after purchasing an additional 5,635,406 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Zynga by 10.6% during the first quarter. Dimensional Fund Advisors LP now owns 53,752,591 shares of the company’s stock valued at $153,195,000 after purchasing an additional 5,142,597 shares in the last quarter. BlackRock Inc. increased its stake in shares of Zynga by 5,061.5% during the first quarter. BlackRock Inc. now owns 35,936,741 shares of the company’s stock valued at $102,420,000 after purchasing an additional 35,240,491 shares in the last quarter. Morgan Stanley increased its stake in shares of Zynga by 30.4% during the first quarter. Morgan Stanley now owns 27,433,552 shares of the company’s stock valued at $78,186,000 after purchasing an additional 6,397,949 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Zynga by 2.8% during the second quarter. First Trust Advisors LP now owns 11,490,540 shares of the company’s stock valued at $41,826,000 after purchasing an additional 311,588 shares in the last quarter. 68.19% of the stock is currently owned by institutional investors.
A number of analysts have recently commented on ZNGA shares. Morgan Stanley raised Zynga from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $3.00 to $4.50 in a research report on Thursday, June 8th. Cowen and Company upped their price target on Zynga from $4.25 to $4.50 and gave the stock an “outperform” rating in a research note on Friday, June 23rd. Zacks Investment Research lowered Zynga from a “buy” rating to a “hold” rating in a research report on Friday, July 7th. Wedbush reaffirmed an “outperform” rating and set a $4.65 price objective (up previously from $4.25) on shares of Zynga in a research report on Monday, July 31st. Finally, BidaskClub cut Zynga from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $4.06.
In related news, Director Ellen F. Siminoff sold 12,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $3.62, for a total transaction of $43,440.00. Following the transaction, the director now directly owns 158,478 shares of the company’s stock, valued at approximately $573,690.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 36,000 shares of company stock worth $134,160. 12.43% of the stock is owned by company insiders.
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Zynga Inc. (NASDAQ ZNGA) opened at 3.84 on Wednesday. The company’s market cap is $3.32 billion. Zynga Inc. has a 1-year low of $2.40 and a 1-year high of $4.02. The firm’s 50-day moving average is $3.73 and its 200 day moving average is $3.44.
Zynga (NASDAQ:ZNGA) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.02 by ($0.01). Zynga had a negative net margin of 10.50% and a negative return on equity of 3.83%. The business had revenue of $209.20 million for the quarter, compared to analysts’ expectations of $201.64 million. The company’s revenue was up 15.1% on a year-over-year basis. Analysts predict that Zynga Inc. will post $0.10 earnings per share for the current fiscal year.
Zynga Inc is a provider of social game services. The Company develops, markets and operates social games as live services played on mobile platforms, such as iPhone Operating System (iOS) operating system and Android operating system and social networking sites, such as Facebook. The Company has developed a range of social games, including games in its Slots, Words With Friends, Zynga Poker and FarmVille franchises.
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