Zacks Investment Research upgraded shares of Electronic Arts Inc. (NASDAQ:EA) from a hold rating to a buy rating in a report released on Friday, October 27th. Zacks Investment Research currently has $130.00 price objective on the game software company’s stock.
According to Zacks, “Electronic Arts' results continue to be driven by increases in digital revenues and strength in franchises like Star Wars, and EA Sports titles like FIFA 17 and Battlefield. EA has a strong pipeline of new launches that will continue to drive top-line growth. Also, shift to digital/mobile bodes well for the company along with the growing revenues from live services. Shares have outperformed the Zacks industry over the past one year. Estimates have also been stable lately ahead of the company’s Q2 earnings release. The company has mixed record of earnings surprises in recent quarters. However, the hit driven and competitive nature of video game industry begets caution.”
A number of other research analysts have also issued reports on the company. Jefferies Group LLC restated a buy rating and set a $135.00 price objective on shares of Electronic Arts in a research report on Thursday, August 31st. BidaskClub raised Electronic Arts from a buy rating to a strong-buy rating in a research note on Friday, September 1st. Benchmark Co. lifted their target price on Electronic Arts from $136.00 to $142.00 and gave the company a buy rating in a research note on Wednesday, September 13th. Buckingham Research began coverage on Electronic Arts in a research note on Wednesday, September 20th. They set a buy rating and a $143.00 target price on the stock. Finally, Stifel Nicolaus reissued a buy rating and issued a $127.00 price objective on shares of Electronic Arts in a research note on Friday, October 6th. Five research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $123.38.
Electronic Arts (NASDAQ:EA) opened at $112.75 on Friday. The company has a market capitalization of $34,453.77, a PE ratio of 28.76, a PEG ratio of 1.83 and a beta of 0.65. The company has a quick ratio of 3.01, a current ratio of 2.38 and a debt-to-equity ratio of 0.23. Electronic Arts has a twelve month low of $73.74 and a twelve month high of $122.79.
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In other news, Director Lawrence F. Probst III sold 55,850 shares of Electronic Arts stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $121.18, for a total value of $6,767,903.00. Following the completion of the sale, the director now directly owns 171,123 shares in the company, valued at $20,736,685.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Blake J. Jorgensen sold 10,000 shares of Electronic Arts stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $111.94, for a total transaction of $1,119,400.00. Following the completion of the sale, the chief financial officer now owns 182,814 shares of the company’s stock, valued at $20,464,199.16. The disclosure for this sale can be found here. Insiders have sold 190,596 shares of company stock valued at $22,627,981 in the last quarter. 2.55% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in Electronic Arts by 928.4% during the second quarter. Renaissance Technologies LLC now owns 2,586,064 shares of the game software company’s stock valued at $273,399,000 after purchasing an additional 2,334,600 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Electronic Arts during the third quarter valued at approximately $148,789,000. Arrowstreet Capital Limited Partnership raised its position in Electronic Arts by 145.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,208,784 shares of the game software company’s stock valued at $127,793,000 after purchasing an additional 715,862 shares in the last quarter. Janus Henderson Group PLC raised its position in Electronic Arts by 65.0% during the second quarter. Janus Henderson Group PLC now owns 1,425,278 shares of the game software company’s stock valued at $150,688,000 after purchasing an additional 561,322 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in Electronic Arts by 103.7% during the second quarter. Parametric Portfolio Associates LLC now owns 1,012,999 shares of the game software company’s stock valued at $107,094,000 after purchasing an additional 515,608 shares in the last quarter. Institutional investors own 94.46% of the company’s stock.
Electronic Arts Company Profile
Electronic Arts Inc develops, markets, publishes and distributes games, content and services that can be played by consumers on a range of platforms, which include consoles, personal computers (PCs), mobile phones and tablets. The Company’s games and services are based on a portfolio of intellectual property that includes established brands, such as FIFA, Madden NFL, Star Wars, Battlefield, the Sims and Need for Speed.
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