UBS Group Trims Activision Blizzard (ATVI) Target Price to $70.00

Activision Blizzard (NASDAQ:ATVI) had its price target lowered by equities research analysts at UBS Group from $88.00 to $70.00 in a report issued on Friday, www.briefing.com reports. The firm presently has a “buy” rating on the stock. UBS Group’s price objective would suggest a potential upside of 30.40% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Needham & Company LLC boosted their target price on shares of Activision Blizzard from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Wedbush upped their price objective on shares of Activision Blizzard from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Monday, October 1st. Bank of America downgraded shares of Activision Blizzard from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $84.00 to $77.00 in a research note on Friday, August 31st. BidaskClub upgraded shares of Activision Blizzard from a “hold” rating to a “buy” rating in a research note on Saturday, September 29th. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $88.00 price objective on shares of Activision Blizzard in a research note on Wednesday, September 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Activision Blizzard has an average rating of “Buy” and an average target price of $78.03.

Shares of ATVI stock traded down $9.11 on Friday, reaching $53.68. 10,524,769 shares of the stock were exchanged, compared to its average volume of 9,402,754. The company has a current ratio of 2.98, a quick ratio of 2.96 and a debt-to-equity ratio of 0.42. The company has a market cap of $48.98 billion, a P/E ratio of 26.19, a PEG ratio of 1.71 and a beta of 1.11. Activision Blizzard has a twelve month low of $57.29 and a twelve month high of $84.68.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 20,324 shares of the company’s stock, valued at $1,396,258.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.29% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of ATVI. BlackRock Inc. increased its holdings in Activision Blizzard by 0.4% in the second quarter. BlackRock Inc. now owns 51,100,165 shares of the company’s stock valued at $3,899,967,000 after buying an additional 209,193 shares in the last quarter. Jennison Associates LLC increased its holdings in Activision Blizzard by 4.8% in the third quarter. Jennison Associates LLC now owns 14,707,945 shares of the company’s stock valued at $1,223,554,000 after buying an additional 679,532 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Activision Blizzard by 7.0% in the third quarter. Bank of New York Mellon Corp now owns 8,436,812 shares of the company’s stock valued at $701,858,000 after buying an additional 552,697 shares in the last quarter. Egerton Capital UK LLP increased its holdings in Activision Blizzard by 29.1% in the second quarter. Egerton Capital UK LLP now owns 7,286,230 shares of the company’s stock valued at $556,085,000 after buying an additional 1,642,285 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Activision Blizzard by 5.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,151,670 shares of the company’s stock valued at $545,816,000 after buying an additional 389,194 shares in the last quarter. 86.92% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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