Bank of America Cuts Activision Blizzard (ATVI) Price Target to $68.00

Activision Blizzard (NASDAQ:ATVI) had its target price dropped by investment analysts at Bank of America from $77.00 to $68.00 in a note issued to investors on Friday, Marketbeat reports. The firm currently has a “neutral” rating on the stock. Bank of America’s price target indicates a potential upside of 23.61% from the stock’s current price.

ATVI has been the subject of a number of other reports. BidaskClub cut Activision Blizzard from a “hold” rating to a “sell” rating in a research note on Thursday, September 6th. BTIG Research upped their price objective on Activision Blizzard from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, October 16th. KeyCorp decreased their price objective on Activision Blizzard from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, October 31st. Oppenheimer decreased their price objective on Activision Blizzard from $87.00 to $68.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Argus restated a “buy” rating and set a $90.00 price objective (up from $81.00) on shares of Activision Blizzard in a research note on Friday, September 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $77.62.

Shares of ATVI stock opened at $55.01 on Friday. Activision Blizzard has a twelve month low of $53.50 and a twelve month high of $84.68. The firm has a market capitalization of $47.87 billion, a price-to-earnings ratio of 26.83, a PEG ratio of 1.67 and a beta of 1.11. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.98 and a quick ratio of 2.96.

Activision Blizzard (NASDAQ:ATVI) last issued its earnings results on Thursday, November 8th. The company reported $0.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.03). The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Activision Blizzard had a return on equity of 15.74% and a net margin of 8.07%. Activision Blizzard’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.25 earnings per share. As a group, equities analysts forecast that Activision Blizzard will post 2.49 EPS for the current year.

In other Activision Blizzard news, CEO Riccardo Zacconi sold 19,761 shares of the stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $68.70, for a total value of $1,357,580.70. Following the completion of the sale, the chief executive officer now directly owns 20,324 shares in the company, valued at $1,396,258.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.29% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in ATVI. FMR LLC raised its stake in Activision Blizzard by 4.8% in the third quarter. FMR LLC now owns 96,798,252 shares of the company’s stock valued at $8,052,646,000 after buying an additional 4,476,835 shares during the last quarter. Egerton Capital UK LLP increased its holdings in shares of Activision Blizzard by 29.1% in the second quarter. Egerton Capital UK LLP now owns 7,286,230 shares of the company’s stock valued at $556,085,000 after purchasing an additional 1,642,285 shares during the period. ADAMCAPITAL Gestao de Recursos Ltda. acquired a new position in shares of Activision Blizzard in the second quarter valued at about $108,371,000. Bessemer Group Inc. increased its holdings in shares of Activision Blizzard by 127,027.1% in the third quarter. Bessemer Group Inc. now owns 1,220,420 shares of the company’s stock valued at $101,527,000 after purchasing an additional 1,219,460 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of Activision Blizzard by 27.4% in the third quarter. Alliancebernstein L.P. now owns 5,568,165 shares of the company’s stock valued at $463,216,000 after purchasing an additional 1,197,118 shares during the period. Institutional investors own 86.92% of the company’s stock.

Activision Blizzard Company Profile

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. The company develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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