Activision Blizzard (ATVI) Price Target Cut to $85.00

Activision Blizzard (NASDAQ:ATVI) had its target price decreased by KeyCorp from $90.00 to $85.00 in a report released on Wednesday, The Fly reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 23.10% from the stock’s previous close.

ATVI has been the subject of several other reports. BidaskClub downgraded shares of Activision Blizzard from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. Zacks Investment Research upgraded shares of Activision Blizzard from a “hold” rating to a “buy” rating and set a $87.00 price objective on the stock in a report on Wednesday, July 4th. BTIG Research upped their price objective on shares of Activision Blizzard from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, October 16th. Argus restated a “buy” rating and issued a $90.00 price objective (up previously from $81.00) on shares of Activision Blizzard in a report on Friday, September 21st. Finally, SunTrust Banks set a $85.00 price objective on shares of Activision Blizzard and gave the stock a “buy” rating in a report on Wednesday, October 17th. Ten analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Activision Blizzard currently has an average rating of “Buy” and an average target price of $81.53.

Activision Blizzard stock opened at $69.05 on Wednesday. The company has a quick ratio of 2.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $51.45 billion, a price-to-earnings ratio of 33.68, a price-to-earnings-growth ratio of 1.80 and a beta of 0.86. Activision Blizzard has a twelve month low of $57.29 and a twelve month high of $84.68.

Activision Blizzard (NASDAQ:ATVI) last issued its quarterly earnings data on Thursday, August 2nd. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.30 by $0.11. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.38 billion. Activision Blizzard had a net margin of 6.96% and a return on equity of 16.39%. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. On average, equities analysts anticipate that Activision Blizzard will post 2.49 EPS for the current fiscal year.

In other news, CEO Riccardo Zacconi sold 19,761 shares of the stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $68.70, for a total transaction of $1,357,580.70. Following the sale, the chief executive officer now owns 20,324 shares in the company, valued at $1,396,258.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.29% of the company’s stock.

Several large investors have recently bought and sold shares of ATVI. Asset Advisors Investment Management LLC purchased a new stake in shares of Activision Blizzard during the third quarter valued at approximately $100,000. Ashburton Jersey Ltd bought a new position in Activision Blizzard during the second quarter valued at approximately $107,000. Quad Cities Investment Group LLC bought a new position in Activision Blizzard during the second quarter valued at approximately $114,000. NuWave Investment Management LLC bought a new position in Activision Blizzard during the second quarter valued at approximately $121,000. Finally, Kaizen Advisory LLC lifted its position in Activision Blizzard by 155.2% during the second quarter. Kaizen Advisory LLC now owns 1,876 shares of the company’s stock valued at $143,000 after purchasing an additional 1,141 shares during the period. Hedge funds and other institutional investors own 86.99% of the company’s stock.

Activision Blizzard Company Profile

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. The company develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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