Zynga (ZNGA) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Zynga (NASDAQ:ZNGA) from a strong-buy rating to a hold rating in a report released on Saturday morning.
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. Wedbush set a $5.00 target price on Zynga and gave the company a buy rating in a research report on Wednesday, October 18th. Cowen reiterated a buy rating and set a $4.50 target price on shares of Zynga in a research report on Thursday, October 12th. Consumer Edge initiated coverage on Zynga in a research report on Wednesday, January 3rd. They set an overweight rating and a $4.50 target price on the stock. BidaskClub lowered Zynga from a buy rating to a hold rating in a research report on Wednesday, December 6th. Finally, Robert W. Baird reiterated a hold rating and set a $4.00 target price on shares of Zynga in a research report on Friday, September 15th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $4.14.
Zynga (NASDAQ:ZNGA) traded down $0.03 during trading on Friday, reaching $3.77. The company’s stock had a trading volume of 2,000,000 shares, compared to its average volume of 8,540,000. Zynga has a 1-year low of $2.40 and a 1-year high of $4.34. The stock has a market cap of $3,280.00, a price-to-earnings ratio of -125.67, a PEG ratio of 2.92 and a beta of 0.76.
Zynga (NASDAQ:ZNGA) last announced its earnings results on Tuesday, November 7th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. Zynga had a negative return on equity of 1.37% and a negative net margin of 2.65%. The firm had revenue of $224.60 million for the quarter, compared to analyst estimates of $211.98 million. During the same quarter last year, the firm posted ($0.05) EPS. The business’s revenue was up 23.1% on a year-over-year basis. equities analysts expect that Zynga will post 0.02 earnings per share for the current year.
In other Zynga news, Director Ellen F. Siminoff sold 12,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $3.86, for a total value of $46,320.00. Following the completion of the sale, the director now directly owns 139,900 shares of the company’s stock, valued at approximately $540,014. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bernard Jin Kim sold 50,000 shares of the firm’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $3.94, for a total value of $197,000.00. Following the completion of the sale, the insider now directly owns 349,450 shares of the company’s stock, valued at $1,376,833. The disclosure for this sale can be found here. Over the last three months, insiders sold 236,000 shares of company stock valued at $930,600. 12.43% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its holdings in Zynga by 23.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,835 shares of the company’s stock valued at $112,000 after acquiring an additional 5,815 shares during the period. Crow Point Partners LLC purchased a new position in Zynga during the 4th quarter valued at about $114,000. Dynamic Technology Lab Private Ltd purchased a new position in Zynga during the 3rd quarter valued at about $150,000. Prudential Financial Inc. boosted its holdings in Zynga by 9.1% during the 2nd quarter. Prudential Financial Inc. now owns 44,500 shares of the company’s stock valued at $162,000 after acquiring an additional 3,700 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in Zynga during the 2nd quarter valued at about $170,000. 70.46% of the stock is owned by hedge funds and other institutional investors.
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Zynga Company Profile
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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