Formula Growth Ltd. lowered its stake in shares of Electronic Arts Inc. (NASDAQ:EA) by 8.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 36,000 shares of the game software company’s stock after selling 3,500 shares during the period. Formula Growth Ltd.’s holdings in Electronic Arts were worth $3,659,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in EA. Norges Bank purchased a new stake in Electronic Arts during the fourth quarter worth about $243,373,000. Oregon Public Employees Retirement Fund boosted its holdings in Electronic Arts by 7,694.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,624,704 shares of the game software company’s stock worth $33,000 after buying an additional 2,591,032 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in Electronic Arts by 13,042.7% during the fourth quarter. Two Sigma Advisers LP now owns 2,476,342 shares of the game software company’s stock worth $195,408,000 after buying an additional 2,457,500 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Electronic Arts by 20.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 11,650,029 shares of the game software company’s stock worth $919,303,000 after buying an additional 1,952,780 shares in the last quarter. Finally, CI Investments Inc. boosted its holdings in Electronic Arts by 177,205.0% during the fourth quarter. CI Investments Inc. now owns 1,773,050 shares of the game software company’s stock worth $139,911,000 after buying an additional 1,772,050 shares in the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Chris Bruzzo sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $103.00, for a total transaction of $309,000.00. Following the completion of the transaction, the insider now owns 35,271 shares of the company’s stock, valued at $3,632,913. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Andrew Wilson sold 29,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $103.00, for a total transaction of $2,987,000.00. Following the transaction, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at approximately $2,060,000. The disclosure for this sale can be found here. In the last three months, insiders sold 82,744 shares of company stock valued at $8,112,960. Company insiders own 2.24% of the company’s stock.
NASDAQ:EA opened at $92.73 on Friday. The company has a quick ratio of 2.82, a current ratio of 2.82 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $27.81 billion, a PE ratio of 23.60, a PEG ratio of 1.50 and a beta of 1.03. Electronic Arts Inc. has a 1-year low of $73.91 and a 1-year high of $151.26.
Electronic Arts (NASDAQ:EA) last posted its quarterly earnings data on Tuesday, May 7th. The game software company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.43. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.20 billion. Electronic Arts had a net margin of 20.59% and a return on equity of 22.62%. The company’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.31 earnings per share. Research analysts anticipate that Electronic Arts Inc. will post 3.77 earnings per share for the current fiscal year.
Several brokerages have issued reports on EA. Bank of America upped their price target on shares of Electronic Arts from $110.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, February 19th. MKM Partners reaffirmed a “neutral” rating and issued a $100.00 price target (up previously from $92.00) on shares of Electronic Arts in a report on Friday, May 3rd. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $114.00 price target (up previously from $111.00) on shares of Electronic Arts in a report on Wednesday, April 3rd. Zacks Investment Research raised shares of Electronic Arts from a “sell” rating to a “hold” rating in a report on Tuesday, March 19th. Finally, BidaskClub raised shares of Electronic Arts from a “sell” rating to a “hold” rating in a report on Friday, May 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $111.30.
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Electronic Arts Company Profile
Electronic Arts Inc develops, markets, publishes, and distributes games, content, and services for game consoles, PCs, mobile phones, and tablets worldwide. The company develops and publishes games and services across various genres, such as sports, first-person shooter, action, role-playing, and simulation primarily under the Battlefield, Mass Effect, Need for Speed, The Sims, and Plants v.
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