Investors Buy Shares of Activision Blizzard Inc. (ATVI) on Weakness
Investors bought shares of Activision Blizzard Inc. (NASDAQ:ATVI) on weakness during trading on Friday. $919.99 million flowed into the stock on the tick-up and $61.46 million flowed out of the stock on the tick-down, for a money net flow of $858.53 million into the stock. Of all equities tracked, Activision Blizzard had the 2nd highest net in-flow for the day. Activision Blizzard traded down ($0.17) for the day and closed at $44.42
A number of equities analysts have issued reports on the stock. Cowen and Company restated a “buy” rating on shares of Activision Blizzard in a research report on Saturday, June 4th. Pacific Crest restated a “buy” rating on shares of Activision Blizzard in a research report on Saturday, June 4th. Jefferies Group restated a “buy” rating and set a $45.00 target price on shares of Activision Blizzard in a research report on Sunday, May 22nd. Barclays PLC restated a “buy” rating on shares of Activision Blizzard in a research report on Saturday, June 18th. Finally, Stifel Nicolaus restated a “buy” rating and set a $35.00 target price on shares of Activision Blizzard in a research report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have issued a buy rating to the stock. Activision Blizzard currently has a consensus rating of “Buy” and an average target price of $43.42.
The stock’s 50 day moving average is $41.50 and its 200-day moving average is $37.83. The company has a market cap of $32.94 billion, a PE ratio of 44.73 and a beta of 1.02.
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Activision Blizzard (NASDAQ:ATVI) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The business earned $1.57 billion during the quarter, compared to analyst estimates of $1.44 billion. Activision Blizzard had a net margin of 13.95% and a return on equity of 14.49%. The firm’s revenue was up 112.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.13 earnings per share. Equities analysts predict that Activision Blizzard Inc. will post $1.97 EPS for the current fiscal year.
In other news, Director Robert J. Morgado sold 29,999 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $43.60, for a total value of $1,307,956.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Thomas Tippl sold 44,427 shares of the stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $41.83, for a total transaction of $1,858,381.41. The disclosure for this sale can be found here. 25.23% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. increased its position in Activision Blizzard by 103.0% in the second quarter. Bessemer Group Inc. now owns 5,062 shares of the company’s stock worth $201,000 after buying an additional 2,568 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Activision Blizzard during the second quarter worth approximately $210,000. FDO Partners LLC purchased a new position in Activision Blizzard during the first quarter worth approximately $216,000. Buckingham Asset Management LLC purchased a new position in Activision Blizzard during the second quarter worth approximately $216,000. Finally, Palladium Partners LLC purchased a new position in Activision Blizzard during the second quarter worth approximately $220,000. 83.91% of the stock is owned by institutional investors and hedge funds.
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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