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

ATVI has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Activision Blizzard from a “buy” rating to a “hold” rating in a research report on Tuesday, May 10th. Stifel Nicolaus increased their target price on shares of Activision Blizzard from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, May 9th. MKM Partners increased their target price on shares of Activision Blizzard from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, May 9th. Jefferies Group reaffirmed a “buy” rating and issued a $45.00 target price (up from $37.00) on shares of Activision Blizzard in a research report on Friday, May 6th. Finally, Barclays PLC increased their price target on shares of Activision Blizzard from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Friday, May 6th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $43.27.

The firm has a market capitalization of $29.57 billion and a PE ratio of 40.16. The firm’s 50-day moving average is $40.89 and its 200-day moving average is $36.18.

Activision Blizzard (NASDAQ:ATVI) last released its quarterly earnings data 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. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.44 billion. The business’s revenue was up 112.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 earnings per share. Analysts anticipate that Activision Blizzard Inc. will post $1.97 earnings per share for the current fiscal year.

In other news, CEO Michael Morhaime sold 163,400 shares of the firm’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $37.77, for a total value of $6,171,618.00. Following the completion of the sale, the chief executive officer now directly owns 370,065 shares in the company, valued at $13,977,355.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stephen G. Wereb sold 71,775 shares of the firm’s stock in a transaction on Friday, May 20th. The shares were sold at an average price of $37.56, for a total value of $2,695,869.00. Following the completion of the sale, the insider now owns 70,959 shares of the company’s stock, valued at $2,665,220.04. The disclosure for this sale can be found here.

Several hedge funds have made changes to their positions in the stock. Suntrust Banks Inc. acquired a new stake in shares of Activision Blizzard during the fourth quarter worth $1,516,000. BNP Paribas Arbitrage SA raised its stake 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 worth $15,397,000 after buying an additional 304,148 shares during the period. KBC Group NV raised its stake 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 worth $17,043,000 after buying an additional 60,660 shares during the period. State of Tennessee Treasury Department raised its stake 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 worth $21,504,000 after buying an additional 478,409 shares during the period. Finally, Wells Fargo & Company MN raised its stake 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 worth $26,158,000 after buying an additional 151,970 shares during the period.

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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