Zynga Inc. (NASDAQ:ZNGA) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Zynga Inc. (NASDAQ:ZNGA) from a buy rating to a hold rating in a report issued on Friday.
According to Zacks, “Zynga Inc. is the world’s largest social game developer with users playing their games which include CityVille, FarmVille, FrontierVille, Words With Friends, Mafia Wars, Zynga Poker, Cafe World, and Treasure Isle. Zynga Inc. games are available on a number of global platforms including Facebook, MySpace, Yahoo, the iPad, the iPhone and Android devices. They operate their games as live services, by which they mean that they continue to support and update games after launch and gather daily, metrics-based player feedback that enable them to continually enhance their games by adding new content and features. All of their games are free to play, and they generate revenue through the in-game sale of virtual goods and advertising. “
ZNGA has been the topic of a number of other research reports. Pacific Crest reissued a sector weight rating on shares of Zynga in a report on Wednesday, April 26th. Jefferies Group LLC reaffirmed a buy rating and issued a $5.00 price target on shares of Zynga in a report on Tuesday, April 18th. Piper Jaffray Companies reaffirmed a hold rating and issued a $3.00 price target on shares of Zynga in a report on Monday, May 15th. Cowen and Company reaffirmed an outperform rating and issued a $3.50 price target on shares of Zynga in a report on Friday, May 5th. Finally, Bank of America Corporation raised their price target on Zynga from $2.50 to $3.25 in a report on Monday, May 15th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $3.95.
Zynga (ZNGA) traded up 0.56% on Friday, reaching $3.62. The company had a trading volume of 5,315,737 shares. The stock’s 50-day moving average price is $3.57 and its 200-day moving average price is $2.95. Zynga has a 12-month low of $2.40 and a 12-month high of $3.86. The stock’s market capitalization is $3.11 billion.
Zynga (NASDAQ:ZNGA) last issued its quarterly earnings data on Thursday, May 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $194.30 million for the quarter, compared to analysts’ expectations of $188.14 million. Zynga had a negative return on equity of 5.25% and a negative net margin of 12.16%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Zynga will post $0.09 EPS for the current fiscal year.
In related news, Director Ellen F. Siminoff sold 12,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $2.91, for a total transaction of $34,920.00. Following the transaction, the director now directly owns 177,057 shares of the company’s stock, valued at approximately $515,235.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William B. Gordon sold 1,232,373 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $3.50, for a total value of $4,313,305.50. Following the transaction, the director now directly owns 832,603 shares in the company, valued at $2,914,110.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,837,220 shares of company stock worth $6,421,791. 12.43% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in Zynga by 5.5% in the fourth quarter. State Street Corp now owns 8,643,583 shares of the company’s stock valued at $22,212,000 after buying an additional 452,950 shares during the last quarter. GSA Capital Partners LLP raised its position in Zynga by 132.3% in the fourth quarter. GSA Capital Partners LLP now owns 57,935 shares of the company’s stock valued at $149,000 after buying an additional 32,994 shares during the last quarter. Norges Bank bought a new position in Zynga during the fourth quarter valued at about $8,299,000. River & Mercantile Asset Management LLP bought a new position in Zynga during the fourth quarter valued at about $4,487,000. Finally, Teachers Advisors LLC raised its position in Zynga by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 750,305 shares of the company’s stock valued at $1,928,000 after buying an additional 32,740 shares during the last quarter. Institutional investors and hedge funds own 67.03% of the company’s stock.
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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