Investors Buy Shares of Activision Blizzard Inc. (ATVI) on Weakness
Investors purchased shares of Activision Blizzard Inc. (NASDAQ:ATVI) on weakness during trading hours on Friday. $165.00 million flowed into the stock on the tick-up and $130.13 million flowed out of the stock on the tick-down, for a money net flow of $34.87 million into the stock. Of all companies tracked, Activision Blizzard had the 8th highest net in-flow for the day. Activision Blizzard traded down ($0.27) for the day and closed at $40.56
Several equities analysts recently issued reports on the stock. Piper Jaffray Cos. reiterated a “buy” rating on shares of Activision Blizzard in a research note on Sunday, April 17th. Vetr lowered shares of Activision Blizzard from a “strong-buy” rating to a “buy” rating and set a $39.06 price target for the company. in a report on Thursday, May 5th. Barclays PLC reissued a “buy” rating on shares of Activision Blizzard in a report on Sunday, May 8th. Sterne Agee CRT reissued a “buy” rating on shares of Activision Blizzard in a report on Sunday, May 8th. Finally, Pacific Crest reissued a “buy” rating and issued a $41.00 price target (up previously from $36.00) on shares of Activision Blizzard in a report on Sunday, May 8th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $42.37.
The firm has a market cap of $29.97 billion and a price-to-earnings ratio of 40.85. The stock has a 50 day moving average of $40.23 and a 200 day moving average of $35.83.
Activision Blizzard (NASDAQ:ATVI) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.03. During the same period last year, the firm earned $0.13 EPS. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.44 billion. The company’s quarterly revenue was up 112.0% compared to the same quarter last year. Equities analysts expect that Activision Blizzard Inc. will post $1.95 EPS for the current fiscal year.
In other news, CEO Michael Morhaime sold 1,150,000 shares of Activision Blizzard stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $43,872,500.00. Following the completion of the transaction, the chief executive officer now owns 370,065 shares of the company’s stock, valued at approximately $14,117,979.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen G. Wereb sold 71,775 shares of Activision Blizzard stock in a transaction on Friday, May 20th. The stock was sold at an average price of $37.56, for a total value of $2,695,869.00. Following the transaction, the insider now directly owns 70,959 shares of the company’s stock, valued at approximately $2,665,220.04. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently added to or reduced their stakes in ATVI. BlackRock Investment Management LLC increased its position in Activision Blizzard by 179.7% in the fourth quarter. BlackRock Investment Management LLC now owns 4,555,254 shares of the company’s stock valued at $176,334,000 after buying an additional 2,926,363 shares during the period. Egerton Capital UK LLP boosted its stake in Activision Blizzard by 22.8% in the fourth quarter. Egerton Capital UK LLP now owns 12,529,425 shares of the company’s stock worth $485,014,000 after buying an additional 2,323,012 shares in the last quarter. BlackRock Advisors LLC boosted its stake in Activision Blizzard by 14.6% in the fourth quarter. BlackRock Advisors LLC now owns 6,654,568 shares of the company’s stock worth $257,598,000 after buying an additional 849,633 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in Activision Blizzard by 620.5% in the fourth quarter. State of Tennessee Treasury Department now owns 555,509 shares of the company’s stock worth $21,504,000 after buying an additional 478,409 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Activision Blizzard by 324.9% in the fourth quarter. BNP Paribas Arbitrage SA now owns 397,747 shares of the company’s stock worth $15,397,000 after buying an additional 304,148 shares in the last quarter.
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
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