Zynga Inc. (ZNGA) Rating Reiterated by Jefferies Group
Zynga Inc. (NASDAQ:ZNGA)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group in a report released on Tuesday. They currently have a $5.00 price objective on the stock. Jefferies Group’s price target suggests a potential upside of 83.82% from the company’s previous close.
A number of hedge funds and institutional investors recently added to or reduced their stakes in ZNGA. Prudential Financial Inc. raised its position in Zynga by 3.2% in the first quarter. Prudential Financial Inc. now owns 87,070 shares of the company’s stock valued at $199,000 after buying an additional 2,700 shares during the period. TIAA CREF Investment Management LLC raised its position in Zynga by 0.6% in the first quarter. TIAA CREF Investment Management LLC now owns 2,270,869 shares of the company’s stock valued at $5,178,000 after buying an additional 14,430 shares during the period. Canada Pension Plan Investment Board raised its position in Zynga by 1.5% in the first quarter. Canada Pension Plan Investment Board now owns 1,138,900 shares of the company’s stock valued at $2,597,000 after buying an additional 16,600 shares during the period. Teachers Advisors Inc. raised its position in Zynga by 5.0% in the first quarter. Teachers Advisors Inc. now owns 657,110 shares of the company’s stock valued at $1,498,000 after buying an additional 31,127 shares during the period. Finally, State Street Corp raised its position in Zynga by 0.5% in the first quarter. State Street Corp now owns 7,858,158 shares of the company’s stock valued at $17,915,000 after buying an additional 37,110 shares during the period.
In other Zynga news, CEO Frank D. Gibeau sold 159,614 shares of the firm’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $2.60, for a total value of $414,996.40. Following the transaction, the chief executive officer now directly owns 489,964 shares of the company’s stock, valued at $1,273,906.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Devang Shah sold 223,168 shares of the firm’s stock in a transaction dated Friday, June 17th. The shares were sold at an average price of $2.56, for a total value of $571,310.08. Following the completion of the transaction, the vice president now directly owns 291,702 shares in the company, valued at $746,757.12. The disclosure for this sale can be found here.
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A number of other equities research analysts have also recently commented on ZNGA. TheStreet upgraded Zynga from a “sell” rating to a “hold” rating in a report on Wednesday, July 27th. Cowen and Company upgraded Zynga from a “market perform” rating to an “outperform” rating and set a $3.50 price objective on the stock in a report on Wednesday, August 3rd. Pacific Crest restated a “hold” rating on shares of Zynga in a report on Friday, August 5th. Finally, Robert W. Baird restated a “neutral” rating and set a $3.00 price objective on shares of Zynga in a report on Saturday, August 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $3.07.
Shares of Zynga (NASDAQ:ZNGA) traded up 1.10% during midday trading on Tuesday, reaching $2.75. The company’s stock had a trading volume of 8,746,636 shares. Zynga has a 52 week low of $1.78 and a 52 week high of $3.02. The firm’s 50 day moving average is $2.77 and its 200 day moving average is $2.50. The firm’s market capitalization is $2.43 billion.
Zynga Inc is a provider of social game services. The Company develops, markets and operates social games as live services played on mobile platforms, such as iPhone Operating System (iOS) and Android and social networking sites, such as Facebook. The Company operates through developing and monetizing social games segment.
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