Activision Blizzard (ATVI) Price Target Cut to $70.00 by Analysts at UBS Group

Activision Blizzard (NASDAQ:ATVI) had its price target trimmed by UBS Group from $88.00 to $70.00 in a report issued on Friday, 99wallstreet.com reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Barclays set a $78.00 price target on Activision Blizzard and gave the stock a buy rating in a report on Friday. Sanford C. Bernstein cut their price target on Activision Blizzard from $72.00 to $62.00 and set a market perform rating on the stock in a report on Friday. Bank of America cut their price target on Activision Blizzard from $77.00 to $68.00 and set a neutral rating on the stock in a report on Friday. Oppenheimer cut their price target on Activision Blizzard from $87.00 to $68.00 and set an outperform rating on the stock in a report on Friday. Finally, Credit Suisse Group cut their price target on Activision Blizzard from $85.00 to $79.00 and set an outperform rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $77.62.

NASDAQ ATVI traded down $7.78 during trading hours on Friday, hitting $55.01. 34,539,389 shares of the company were exchanged, compared to its average volume of 9,550,354. 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 has a 52-week low of $53.50 and a 52-week high of $84.68. The company has a market cap of $49.63 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 1.73 and a beta of 1.11.

Activision Blizzard (NASDAQ:ATVI) last issued its quarterly 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). Activision Blizzard had a return on equity of 16.39% and a net margin of 6.96%. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the company earned $0.25 EPS. Activision Blizzard’s revenue for the quarter was down 12.6% compared to the same quarter last year. Equities research analysts anticipate that Activision Blizzard will post 2.49 earnings per share for the current fiscal year.

In other 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 transaction, the chief executive officer now owns 20,324 shares in the company, valued at approximately $1,396,258.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.29% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ATVI. Benjamin F. Edwards & Company Inc. boosted its position in shares of Activision Blizzard by 16.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,524 shares of the company’s stock valued at $345,000 after purchasing an additional 634 shares during the period. Wetherby Asset Management Inc. boosted its position in shares of Activision Blizzard by 7.8% in the 2nd quarter. Wetherby Asset Management Inc. now owns 9,385 shares of the company’s stock valued at $716,000 after purchasing an additional 680 shares during the period. Mission Wealth Management LP boosted its position in shares of Activision Blizzard by 13.5% in the 2nd quarter. Mission Wealth Management LP now owns 6,174 shares of the company’s stock valued at $471,000 after purchasing an additional 732 shares during the period. Peregrine Capital Management LLC boosted its position in shares of Activision Blizzard by 0.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 243,301 shares of the company’s stock valued at $18,569,000 after purchasing an additional 735 shares during the period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in shares of Activision Blizzard by 13.8% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 6,420 shares of the company’s stock valued at $490,000 after purchasing an additional 780 shares during the period. Institutional investors and hedge funds 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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Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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