Activision Blizzard Inc. (NASDAQ:ATVI)’s share price dropped 3.5% during mid-day trading on Tuesday . The stock traded as low as $39.80 and last traded at $40.01, with a volume of 14,109,008 shares trading hands. The stock had previously closed at $41.48.

ATVI has been the subject of several research analyst reports. Wedbush reiterated an “outperform” rating and issued a $43.00 price objective on shares of Activision Blizzard in a research report on Wednesday, July 6th. Pacific Crest initiated coverage on Activision Blizzard in a research report on Friday, May 27th. They issued an “overweight” rating and a $43.00 price objective for the company. Sterne Agee CRT reissued a “buy” rating on shares of Activision Blizzard in a research note on Sunday, May 8th. Vetr cut Activision Blizzard from a “buy” rating to a “hold” rating and set a $41.75 target price for the company. in a research note on Tuesday, July 5th. Finally, Barclays PLC lifted their target price on Activision Blizzard from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Friday, May 6th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Activision Blizzard currently has an average rating of “Buy” and an average price target of $43.27.

The company’s 50 day moving average price is $40.73 and its 200 day moving average price is $36.13. The stock has a market cap of $29.15 billion and a P/E ratio of 39.59.

Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. During the same quarter in the previous year, the company posted $0.13 earnings per share. The firm earned $1.57 billion during the quarter, compared to the consensus estimate of $1.44 billion. The firm’s revenue was up 112.0% on a year-over-year basis. Equities research analysts anticipate that Activision Blizzard Inc. will post $1.97 EPS for the current year.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $40.65, for a total transaction of $803,284.65. Following the completion of the transaction, the chief executive officer now directly owns 97,177 shares of the company’s stock, valued at approximately $3,950,245.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen G. Wereb sold 71,775 shares of the firm’s 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 $2,665,220.04. The disclosure for this sale can be found here.

Other hedge funds and institutional investors recently made changes to their positions in the company. Suntrust Banks Inc. bought a new position in shares of Activision Blizzard during the fourth quarter valued at about $1,516,000. BNP Paribas Arbitrage SA raised its position in shares of Activision Blizzard by 324.9% in the fourth quarter. BNP Paribas Arbitrage SA now owns 397,747 shares of the company’s stock valued at $15,397,000 after buying an additional 304,148 shares in the last quarter. KBC Group NV raised its position in shares of Activision Blizzard by 16.0% in the fourth quarter. KBC Group NV now owns 440,260 shares of the company’s stock valued at $17,043,000 after buying an additional 60,660 shares in the last quarter. State of Tennessee Treasury Department raised its position in shares of Activision Blizzard by 620.5% in the fourth quarter. State of Tennessee Treasury Department now owns 555,509 shares of the company’s stock valued at $21,504,000 after buying an additional 478,409 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Activision Blizzard by 29.0% in the fourth quarter. Wells Fargo & Company MN now owns 675,716 shares of the company’s stock valued at $26,158,000 after buying an additional 151,970 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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