Zacks Investment Research Downgrades Activision Blizzard Inc. (ATVI) to Hold
Activision Blizzard Inc. (NASDAQ:ATVI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “ACTIVISION BLIZZARD, INC. is a worldwide pure-play online and console game publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard’s portfolio includes best-selling video games such as Guitar Hero, Call of Duty, and Tony Hawk, as well as Spider-Man, X-Men, Shrek, James Bond and TRANSFORMERS, leading franchises such as Crash Bandicoot and Spyro and Blizzard Entertainment’s StarCraft, Diablo, and Warcraft franchises including the global number one subscription-based massively multi-player online role-playing game, World of Warcraft. Activision Blizzard maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Romania, Australia, Chile, India, Japan, China, the region of Taiwan and South Korea. “
Other research analysts have also issued research reports about the company. Cowen and Company reissued a “buy” rating on shares of Activision Blizzard in a report on Saturday, June 4th. Pacific Crest reaffirmed a “buy” rating on shares of Activision Blizzard in a report on Saturday, June 4th. Barclays PLC reaffirmed a “buy” rating on shares of Activision Blizzard in a report on Saturday, June 18th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 target price on shares of Activision Blizzard in a report on Tuesday, July 12th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $46.00 target price (up previously from $43.00) on shares of Activision Blizzard in a report on Sunday, August 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $43.42.
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Shares of Activision Blizzard (NASDAQ:ATVI) traded up 0.02% on Tuesday, reaching $44.13. The company had a trading volume of 6,055,798 shares. Activision Blizzard has a 12 month low of $26.49 and a 12 month high of $44.84. The firm has a market capitalization of $32.72 billion, a PE ratio of 44.44 and a beta of 1.02. The company’s 50-day moving average is $41.61 and its 200 day moving average is $38.01.
Activision Blizzard (NASDAQ:ATVI) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.44 billion. Activision Blizzard had a return on equity of 14.49% and a net margin of 13.95%. The firm’s revenue for the quarter was up 112.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 EPS. Equities analysts forecast that Activision Blizzard will post $1.97 earnings per share for the current year.
In other Activision Blizzard news, CEO Riccardo Zacconi sold 19,761 shares of Activision Blizzard stock in a transaction on Monday, August 8th. The stock was sold at an average price of $40.65, for a total value of $803,284.65. Following the completion of the transaction, the chief executive officer now owns 97,177 shares in the company, valued at approximately $3,950,245.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Thomas Tippl sold 75,000 shares of Activision Blizzard stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $43.76, for a total value of $3,282,000.00. The disclosure for this sale can be found here. Corporate insiders own 25.23% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. HL Financial Services LLC increased its position in shares of Activision Blizzard by 0.5% in the second quarter. HL Financial Services LLC now owns 11,447 shares of the company’s stock valued at $454,000 after buying an additional 61 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of Activision Blizzard by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 19,432 shares of the company’s stock valued at $770,000 after buying an additional 69 shares during the last quarter. Proficio Capital Partners LLC increased its position in shares of Activision Blizzard by 0.3% in the second quarter. Proficio Capital Partners LLC now owns 34,807 shares of the company’s stock valued at $1,402,000 after buying an additional 94 shares during the last quarter. Commonwealth Equity Services Inc increased its position in shares of Activision Blizzard by 0.6% in the first quarter. Commonwealth Equity Services Inc now owns 28,206 shares of the company’s stock valued at $954,000 after buying an additional 157 shares during the last quarter. Finally, Conning Inc. increased its position in shares of Activision Blizzard by 2.2% in the second quarter. Conning Inc. now owns 11,170 shares of the company’s stock valued at $443,000 after buying an additional 240 shares during the last quarter. Hedge funds and other institutional investors own 83.91% of the company’s stock.
Activision Blizzard Company Profile
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
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