Scientific Games Corp (NASDAQ:SGMS) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Scientific Games Corp (NASDAQ:SGMS) from a hold rating to a buy rating in a report published on Thursday morning. The firm currently has $30.00 price objective on the technology company’s stock.
According to Zacks, “Scientific Games shares have vastly outperformed the Zacks Computer Services Industry on a year-to-date basis. Estimates have been going up ahead of the company's Q2 earnings release. The company has mixed record of earnings surprises in recent quarters. The company aims at reducing costs and optimize its operational structure to drive bottom line growth going ahead. The company's acquisitions of Bally Technologies and WMS Industries are also positives as these expand its global footprint. However, sluggishness in the gaming segment especially with regard to WAP, premium installed base and gaming systems and forex fluctuations remain concerns.”
Several other research firms have also weighed in on SGMS. Stifel Nicolaus reaffirmed a hold rating and set a $24.00 target price on shares of Scientific Games Corp in a report on Friday, July 14th. BidaskClub lowered shares of Scientific Games Corp from a strong-buy rating to a buy rating in a report on Wednesday, July 5th. ValuEngine raised shares of Scientific Games Corp from a sell rating to a hold rating in a report on Friday, June 2nd. Finally, Telsey Advisory Group lifted their target price on shares of Scientific Games Corp from $20.00 to $24.00 and gave the company a market perform rating in a report on Friday, April 28th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Scientific Games Corp currently has an average rating of Hold and an average price target of $24.50.
Scientific Games Corp (NASDAQ:SGMS) remained flat at $26.85 during trading on Thursday. The company had a trading volume of 1,275,099 shares. The company’s market cap is $2.38 billion. The firm has a 50-day moving average price of $25.67 and a 200-day moving average price of $21.95. Scientific Games Corp has a 12 month low of $8.07 and a 12 month high of $27.40.
Scientific Games Corp (NASDAQ:SGMS) last posted its earnings results on Thursday, April 27th. The technology company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.74) by $0.18. The firm had revenue of $725.40 million for the quarter, compared to analysts’ expectations of $706.74 million. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts anticipate that Scientific Games Corp will post ($2.38) earnings per share for the current year.
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In related news, Director Michael Gavin Isaacs sold 154,951 shares of Scientific Games Corp stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $22.81, for a total value of $3,534,432.31. Following the sale, the director now owns 110,542 shares of the company’s stock, valued at approximately $2,521,463.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 42.03% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in SGMS. Louisiana State Employees Retirement System boosted its stake in Scientific Games Corp by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 21,000 shares of the technology company’s stock worth $548,000 after buying an additional 200 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Scientific Games Corp by 80.2% in the second quarter. State of Alaska Department of Revenue now owns 10,163 shares of the technology company’s stock worth $265,000 after buying an additional 4,523 shares in the last quarter. Private Advisory Group LLC bought a new stake in Scientific Games Corp during the first quarter worth about $322,000. Caxton Associates LP bought a new stake in Scientific Games Corp during the first quarter worth about $234,000. Finally, Tudor Investment Corp ET AL bought a new stake in Scientific Games Corp during the first quarter worth about $519,000. 61.38% of the stock is currently owned by hedge funds and other institutional investors.
Scientific Games Corp Company Profile
Scientific Games Corporation is a developer of technology-based products and services and associated content for the gaming, lottery and interactive gaming industries. Its segments include Gaming, Lottery and Interactive. Its portfolio includes gaming machines and game content, casino management systems, table game products and services, instant and draw-based lottery games, server-based gaming and lottery systems, sports betting technology, lottery content and services, loyalty and rewards programs, interactive gaming and social casino solutions.
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