Argus Reiterates “Buy” Rating for Activision Blizzard, Inc (ATVI)

Activision Blizzard, Inc (NASDAQ:ATVI)‘s stock had its “buy” rating reissued by Argus in a research report issued to clients and investors on Wednesday. They presently have a $70.00 price objective on the stock, up from their previous price objective of $65.00. Argus’ target price points to a potential upside of 14.06% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Piper Jaffray Companies reissued an “overweight” rating and set a $69.00 target price on shares of Activision Blizzard in a research report on Friday, August 4th. Bank of America Corporation raised Activision Blizzard from a “neutral” rating to a “buy” rating and upped their price objective for the company from $65.00 to $76.00 in a research report on Friday, August 4th. Benchmark Co. upped their price objective on Activision Blizzard from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Wedbush upped their price objective on Activision Blizzard to $3.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. Finally, UBS AG upped their price objective on Activision Blizzard from $67.00 to $72.00 and gave the company a “buy” rating in a research report on Sunday, August 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $62.56.

Shares of Activision Blizzard (NASDAQ:ATVI) opened at 61.37 on Wednesday. The stock has a market capitalization of $46.33 billion, a P/E ratio of 41.44 and a beta of 1.07. Activision Blizzard has a one year low of $35.12 and a one year high of $64.06. The stock has a 50 day moving average of $60.59 and a 200-day moving average of $53.67.

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In related news, insider Dennis M. Durkin sold 160,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $60.68, for a total transaction of $9,708,800.00. Following the sale, the insider now directly owns 337,534 shares of the company’s stock, valued at $20,481,563.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brian G. Kelly sold 98,879 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $61.87, for a total value of $6,117,643.73. Following the sale, the director now directly owns 189,791 shares in the company, valued at $11,742,369.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,055,118 shares of company stock worth $250,984,257. 2.12% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of ATVI. Granite Investment Partners LLC raised its stake in shares of Activision Blizzard by 6.6% in the first quarter. Granite Investment Partners LLC now owns 171,868 shares of the company’s stock valued at $8,569,000 after buying an additional 10,695 shares during the last quarter. DnB Asset Management AS raised its stake in shares of Activision Blizzard by 10.6% in the second quarter. DnB Asset Management AS now owns 80,653 shares of the company’s stock valued at $4,643,000 after buying an additional 7,700 shares during the last quarter. Scout Investments Inc. raised its stake in shares of Activision Blizzard by 143.6% in the first quarter. Scout Investments Inc. now owns 614,690 shares of the company’s stock valued at $20,801,000 after buying an additional 362,384 shares during the last quarter. National Pension Service raised its stake in shares of Activision Blizzard by 9.9% in the second quarter. National Pension Service now owns 557,658 shares of the company’s stock valued at $32,110,000 after buying an additional 50,461 shares during the last quarter. Finally, Pillar Pacific Capital Management LLC raised its stake in shares of Activision Blizzard by 5.3% in the second quarter. Pillar Pacific Capital Management LLC now owns 27,300 shares of the company’s stock valued at $1,572,000 after buying an additional 1,385 shares during the last quarter. 87.39% of the stock is currently owned by institutional investors.

About Activision Blizzard

Activision Blizzard, Inc is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc (Activision), Blizzard Entertainment, Inc (Blizzard), King Digital Entertainment (King) and Other.

Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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