Starfire Investment Advisers Inc. Holds Position in Electronic Arts Inc. (NASDAQ:EA)
Starfire Investment Advisers Inc. maintained its stake in shares of Electronic Arts Inc. (NASDAQ:EA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,575 shares of the game software company’s stock at the end of the second quarter. Starfire Investment Advisers Inc.’s holdings in Electronic Arts were worth $272,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in EA. Raymond James Trust N.A. increased its stake in shares of Electronic Arts by 18.8% in the first quarter. Raymond James Trust N.A. now owns 3,708 shares of the game software company’s stock valued at $332,000 after buying an additional 588 shares during the period. Bank of Montreal Can increased its stake in shares of Electronic Arts by 3.8% in the first quarter. Bank of Montreal Can now owns 373,561 shares of the game software company’s stock valued at $33,441,000 after buying an additional 13,771 shares during the period. Fox Run Management L.L.C. increased its stake in shares of Electronic Arts by 178.8% in the first quarter. Fox Run Management L.L.C. now owns 9,200 shares of the game software company’s stock valued at $824,000 after buying an additional 5,900 shares during the period. Cim LLC increased its stake in shares of Electronic Arts by 4.2% in the first quarter. Cim LLC now owns 5,108 shares of the game software company’s stock valued at $457,000 after buying an additional 208 shares during the period. Finally, DnB Asset Management AS increased its stake in shares of Electronic Arts by 25.1% in the first quarter. DnB Asset Management AS now owns 32,884 shares of the game software company’s stock valued at $2,944,000 after buying an additional 6,600 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.
Electronic Arts Inc. (NASDAQ EA) opened at 115.45 on Friday. Electronic Arts Inc. has a 52-week low of $73.74 and a 52-week high of $120.25. The firm’s 50-day moving average is $112.14 and its 200-day moving average is $99.46. The company has a market capitalization of $35.64 billion, a PE ratio of 30.91 and a beta of 0.72.
Electronic Arts (NASDAQ:EA) last posted its quarterly earnings results on Thursday, July 27th. The game software company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.22. The company had revenue of $775 million during the quarter, compared to the consensus estimate of $768.47 million. Electronic Arts had a return on equity of 29.77% and a net margin of 23.31%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 EPS. On average, equities research analysts forecast that Electronic Arts Inc. will post $4.24 EPS for the current year.
Electronic Arts announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 9th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the game software company to buy up to 45% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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Several analysts have commented on EA shares. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $94.00 target price on shares of Electronic Arts in a report on Thursday, April 20th. Vetr downgraded shares of Electronic Arts from a “buy” rating to a “hold” rating and set a $94.20 target price on the stock. in a report on Thursday, April 20th. Zacks Investment Research downgraded shares of Electronic Arts from a “hold” rating to a “sell” rating in a report on Friday, April 21st. Cowen and Company raised their target price on shares of Electronic Arts from $85.00 to $90.00 and gave the stock a “market perform” rating in a report on Tuesday, April 25th. Finally, Pacific Crest restated an “overweight” rating and set a $112.00 target price on shares of Electronic Arts in a report on Wednesday, April 26th. Five investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $115.19.
In related news, Director Denise Warren sold 1,000 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $108.84, for a total transaction of $108,840.00. Following the sale, the director now owns 13,665 shares of the company’s stock, valued at approximately $1,487,298.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kenneth A. Moss sold 5,000 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $116.72, for a total value of $583,600.00. Following the sale, the executive vice president now directly owns 99,449 shares in the company, valued at approximately $11,607,687.28. The disclosure for this sale can be found here. Insiders have sold a total of 336,915 shares of company stock valued at $37,032,377 in the last quarter. 2.55% of the stock is owned by corporate insiders.
Electronic Arts Company Profile
Electronic Arts Inc develops, markets, publishes and distributes games, content and services that can be played by consumers on a range of platforms, which include consoles, personal computers (PCs), mobile phones and tablets. The Company’s games and services are based on a portfolio of intellectual property that includes established brands, such as FIFA, Madden NFL, Star Wars, Battlefield, the Sims and Need for Speed.
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