Pitcairn Co. Has $406,000 Stake in Electronic Arts Inc. (NASDAQ:EA)
Pitcairn Co. lowered its stake in Electronic Arts Inc. (NASDAQ:EA) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 3,839 shares of the game software company’s stock after selling 106 shares during the period. Pitcairn Co.’s holdings in Electronic Arts were worth $406,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EA. Guardian Life Insurance Co. of America boosted 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 valued at $107,000 after buying an additional 34 shares during the last quarter. Invictus RG boosted its position in Electronic Arts by 722.0% in the first quarter. Invictus RG now owns 1,307 shares of the game software company’s stock valued at $117,000 after buying an additional 1,148 shares during the last quarter. D. Scott Neal Inc. bought a new position in Electronic Arts during the second quarter valued at approximately $120,000. Commerce Bank bought a new position in Electronic Arts during the first quarter valued at approximately $203,000. Finally, Intrust Bank NA bought a new position in Electronic Arts during the first quarter valued at approximately $204,000. 97.31% of the stock is owned by hedge funds and other institutional investors.
Shares of Electronic Arts Inc. (EA) opened at 117.11 on Tuesday. The stock has a market capitalization of $36.16 billion, a P/E ratio of 31.35 and a beta of 0.72. The firm’s 50-day moving average price is $112.32 and its 200 day moving average price is $99.99. Electronic Arts Inc. has a 1-year low of $73.74 and a 1-year high of $120.25.
Electronic Arts (NASDAQ:EA) last issued its earnings results on Thursday, July 27th. The game software company reported $0.36 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to the consensus estimate of $768.47 million. During the same period in the previous year, the firm posted $0.07 earnings per share. Electronic Arts’s quarterly revenue was up 13.6% compared to the same quarter last year. Analysts expect that Electronic Arts Inc. will post $4.24 EPS for the current fiscal year.
Electronic Arts announced that its board has authorized a share buyback 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 reacquire up to 45% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
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Several research analysts have recently issued reports on the company. Pacific Crest reaffirmed an “overweight” rating and set a $112.00 price objective on shares of Electronic Arts in a research report on Wednesday, April 26th. BidaskClub cut Electronic Arts from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. KeyCorp reaffirmed a “buy” rating on shares of Electronic Arts in a research report on Sunday, July 30th. Piper Jaffray Companies lowered their price objective on Electronic Arts from $119.00 to $99.00 and set an “overweight” rating for the company in a research report on Wednesday, May 10th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $94.00 price objective on shares of Electronic Arts in a research report on Thursday, April 20th. Five equities research 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. Electronic Arts currently has a consensus rating of “Buy” and an average price target of $115.19.
In other Electronic Arts news, CEO Andrew Wilson sold 10,058 shares of Electronic Arts stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $117.00, for a total value of $1,176,786.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Blake J. Jorgensen sold 10,000 shares of Electronic Arts stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $104.56, for a total value of $1,045,600.00. Following the completion of the transaction, the chief financial officer now owns 239,614 shares of the company’s stock, valued at $25,054,039.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 336,915 shares of company stock valued at $37,181,477. 2.55% of the stock is currently owned by insiders.
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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