Zynga’s (ZNGA) “Buy” Rating Reaffirmed at Wedbush
Zynga Inc. (NASDAQ:ZNGA)‘s stock had its “buy” rating restated by analysts at Wedbush in a research note issued to investors on Sunday. They currently have a $4.25 price objective on the stock. Wedbush’s target price points to a potential upside of 55.68% from the stock’s current price.
Several other brokerages have also recently weighed in on ZNGA. TheStreet raised Zynga from a “sell” rating to a “hold” rating in a research note on Wednesday, July 27th. Jefferies Group reissued a “buy” rating on shares of Zynga in a research note on Monday, July 18th. Robert W. Baird reissued a “neutral” rating and set a $3.00 price objective on shares of Zynga in a research note on Saturday, August 6th. Pacific Crest restated a “hold” rating on shares of Zynga in a research report on Friday, August 5th. Finally, Cowen and Company upgraded Zynga from a “market perform” rating to an “outperform” rating and set a $3.50 target price for the company in a research report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $3.07.
Zynga (NASDAQ:ZNGA) opened at 2.73 on Friday. The company’s market cap is $2.41 billion. Zynga has a 52-week low of $1.78 and a 52-week high of $3.02. The company’s 50-day moving average price is $2.76 and its 200-day moving average price is $2.53.
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In other Zynga news, General Counsel Devang Shah sold 12,251 shares of the company’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $2.64, for a total transaction of $32,342.64. Following the completion of the sale, the general counsel now owns 52,356 shares in the company, valued at $138,219.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Frank D. Gibeau sold 159,614 shares of the company’s stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $2.60, for a total value of $414,996.40. Following the sale, the chief executive officer now owns 489,964 shares of the company’s stock, valued at approximately $1,273,906.40. The disclosure for this sale can be found here. Company insiders own 16.60% of the company’s stock.
A number of hedge funds recently bought and sold shares of ZNGA. Squarepoint Ops LLC bought a new stake in Zynga during the first quarter worth $194,000. A.R.T. Advisors LLC bought a new stake in Zynga during the first quarter worth $295,000. BlackRock Inc. raised its stake in Zynga by 11.8% in the first quarter. BlackRock Inc. now owns 440,759 shares of the company’s stock worth $1,005,000 after buying an additional 46,567 shares in the last quarter. Teachers Advisors Inc. raised its stake in Zynga by 5.0% in the first quarter. Teachers Advisors Inc. now owns 657,110 shares of the company’s stock worth $1,498,000 after buying an additional 31,127 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake 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 worth $2,597,000 after buying an additional 16,600 shares in the last quarter. Institutional investors own 59.59% of the company’s stock.
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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