UBS Oconnor LLC reduced its stake in shares of Electronic Arts Inc. (NASDAQ:EA) by 75.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,571 shares of the game software company’s stock after selling 110,985 shares during the quarter. UBS Oconnor LLC’s holdings in Electronic Arts were worth $3,602,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Icon Wealth Partners LLC bought a new position in shares of Electronic Arts during the first quarter valued at approximately $28,000. Valeo Financial Advisors LLC bought a new position in Electronic Arts in the second quarter worth approximately $28,000. Berman Capital Advisors LLC grew its stake in Electronic Arts by 70.6% in the first quarter. Berman Capital Advisors LLC now owns 343 shares of the game software company’s stock worth $34,000 after purchasing an additional 142 shares in the last quarter. Cornerstone Advisors Inc. grew its stake in Electronic Arts by 86.6% in the first quarter. Cornerstone Advisors Inc. now owns 349 shares of the game software company’s stock worth $35,000 after purchasing an additional 162 shares in the last quarter. Finally, Bremer Bank National Association bought a new position in Electronic Arts in the first quarter worth approximately $34,000. 92.42% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on the company. Cowen raised Electronic Arts from a “market perform” rating to an “outperform” rating and set a $104.00 price objective on the stock in a research note on Wednesday, July 31st. Citigroup assumed coverage on Electronic Arts in a research note on Friday, June 7th. They issued a “neutral” rating and a $102.00 price objective on the stock. Zacks Investment Research raised Electronic Arts from a “hold” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Friday, August 2nd. Bank of America upped their target price on Electronic Arts from $100.00 to $102.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Finally, KeyCorp began coverage on Electronic Arts in a report on Monday, July 29th. They set a “sector weight” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-one have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $110.64.
Electronic Arts (NASDAQ:EA) last issued its earnings results on Tuesday, July 30th. The game software company reported ($0.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.10). The firm had revenue of $743.00 million during the quarter, compared to analysts’ expectations of $724.55 million. Electronic Arts had a return on equity of 19.63% and a net margin of 42.75%. On average, sell-side analysts predict that Electronic Arts Inc. will post 3.74 EPS for the current fiscal year.
In related news, Director Luis A. Ubinas sold 3,389 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $89.23, for a total value of $302,400.47. Following the completion of the transaction, the director now owns 306 shares in the company, valued at approximately $27,304.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Blake J. Jorgensen sold 5,200 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $99.52, for a total value of $517,504.00. Following the sale, the chief financial officer now directly owns 102,475 shares in the company, valued at $10,198,312. The disclosure for this sale can be found here. Insiders sold a total of 95,074 shares of company stock valued at $9,331,897 in the last 90 days. 2.18% of the stock is currently owned by company insiders.
Electronic Arts 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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