Zynga Inc. (NASDAQ:ZNGA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage currently has a $4.25 price objective on the stock. Zacks Investment Research‘s target price indicates a potential upside of 13.03% from the company’s previous close.
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. “
Other research analysts have also recently issued research reports about the company. Wedbush reiterated an “outperform” rating on shares of Zynga in a research report on Friday, May 19th. Mizuho restated a “buy” rating and issued a $4.20 price target (up previously from $3.50) on shares of Zynga in a research report on Saturday, June 3rd. Benchmark Co. restated a “buy” rating and issued a $4.35 price target (up previously from $3.65) on shares of Zynga in a research report on Wednesday. Canaccord Genuity restated a “hold” rating and issued a $3.00 price target on shares of Zynga in a research report on Monday, May 15th. Finally, Cowen and Company restated an “outperform” rating and issued a $3.50 price target on shares of Zynga in a research report on Monday, May 15th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $4.01.
Shares of Zynga (NASDAQ:ZNGA) opened at 3.76 on Thursday. The firm has a 50-day moving average of $3.66 and a 200 day moving average of $3.15. The company’s market cap is $3.25 billion. Zynga has a one year low of $2.40 and a one year high of $3.86.
Zynga (NASDAQ:ZNGA) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.01. The firm had revenue of $209.20 million for the quarter, compared to the consensus estimate of $201.64 million. Zynga had a negative return on equity of 3.83% and a negative net margin of 10.50%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. Equities research analysts anticipate that Zynga will post $0.09 EPS for the current year.
In other Zynga news, Director William B. Gordon sold 549,637 shares of Zynga stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $3.52, for a total value of $1,934,722.24. Following the transaction, the director now owns 832,603 shares in the company, valued at $2,930,762.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ellen F. Siminoff sold 12,000 shares of Zynga stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $3.64, for a total value of $43,680.00. Following the completion of the transaction, the director now owns 141,057 shares in the company, valued at approximately $513,447.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,818,010 shares of company stock worth $6,377,868. Company insiders own 12.43% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZNGA. World Asset Management Inc boosted its position in Zynga by 0.4% in the second quarter. World Asset Management Inc now owns 27,842 shares of the company’s stock worth $101,000 after buying an additional 98 shares in the last quarter. Princeton Portfolio Strategies Group LLC boosted its position in Zynga by 43.6% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 35,900 shares of the company’s stock worth $102,000 after buying an additional 10,900 shares in the last quarter. HighTower Advisors LLC acquired a new position in Zynga during the first quarter worth about $116,000. Prudential Financial Inc. boosted its position in Zynga by 9.1% in the second quarter. Prudential Financial Inc. now owns 44,500 shares of the company’s stock worth $162,000 after buying an additional 3,700 shares in the last quarter. Finally, Timber Hill LLC boosted its position in Zynga by 49.0% in the second quarter. Timber Hill LLC now owns 44,446 shares of the company’s stock worth $162,000 after buying an additional 14,616 shares in the last quarter. Hedge funds and other institutional investors own 66.31% of the company’s stock.
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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