Zynga Inc. (NASDAQ:ZNGA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Zynga Inc. is the world’s largest social game developer with users playing their games which include CityVille, FarmVille, FrontierVille, Words With Friends, Mafia Wars, Zynga Poker, Cafe World, and Treasure Isle. Zynga Inc. games are available on a number of global platforms including Facebook, MySpace, Yahoo, the iPad, the iPhone and Android devices. They operate their games as live services, by which they mean that they continue to support and update games after launch and gather daily, metrics-based player feedback that enable them to continually enhance their games by adding new content and features. All of their games are free to play, and they generate revenue through the in-game sale of virtual goods and advertising. “
A number of other equities research analysts have also weighed in on ZNGA. Cowen and Company reaffirmed a “buy” rating and issued a $4.50 price objective on shares of Zynga in a report on Thursday, October 12th. BidaskClub raised shares of Zynga from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. Benchmark Co. reaffirmed a “buy” rating and set a $4.35 price target (up from $3.65) on shares of Zynga in a research report on Wednesday, August 9th. Piper Jaffray Companies set a $4.00 price target on shares of Zynga and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Finally, Wedbush set a $5.00 price target on shares of Zynga and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Zynga presently has an average rating of “Buy” and a consensus target price of $4.11.
Zynga (NASDAQ:ZNGA) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.01. Zynga had a negative return on equity of 1.37% and a negative net margin of 2.65%. The firm had revenue of $224.60 million for the quarter, compared to analyst estimates of $211.98 million. During the same quarter last year, the company posted ($0.05) earnings per share. The business’s revenue was up 23.1% on a year-over-year basis. analysts expect that Zynga will post 0.02 EPS for the current year.
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In related news, Director Ellen F. Siminoff sold 12,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $3.79, for a total transaction of $45,480.00. Following the completion of the sale, the director now directly owns 122,478 shares of the company’s stock, valued at $464,191.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 36,000 shares of company stock valued at $137,040 over the last quarter. Insiders own 12.43% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. World Asset Management Inc grew its position in shares of Zynga by 0.4% during the 2nd quarter. World Asset Management Inc now owns 27,842 shares of the company’s stock worth $101,000 after buying an additional 98 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Zynga by 23.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,835 shares of the company’s stock worth $112,000 after buying an additional 5,815 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Zynga during the 3rd quarter worth approximately $150,000. HighTower Advisors LLC acquired a new stake in shares of Zynga during the 1st quarter worth approximately $116,000. Finally, Timber Hill LLC grew its holdings in Zynga by 49.0% during the second quarter. Timber Hill LLC now owns 44,446 shares of the company’s stock valued at $162,000 after purchasing an additional 14,616 shares during the period. Hedge funds and other institutional investors own 69.31% of the company’s stock.
Zynga Company Profile
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) operating system and Android operating system and social networking sites, such as Facebook. The Company has developed a range of social games, including games in its Slots, Words With Friends, Zynga Poker and FarmVille franchises.
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