CIBC reaffirmed their outperform rating on shares of Activision Blizzard, Inc (NASDAQ:ATVI) in a research report released on Thursday. The firm currently has a $70.00 target price on the stock, up from their prior target price of $60.00.
Other research analysts have also issued reports about the company. Wedbush set a $63.00 target price on Activision Blizzard and gave the company a buy rating in a report on Saturday, May 6th. Oppenheimer Holdings, Inc. lifted their target price on Activision Blizzard from $60.00 to $70.00 and gave the company an outperform rating in a report on Thursday. Benchmark Co. lifted their target price on Activision Blizzard from $60.00 to $71.00 and gave the company a buy rating in a report on Wednesday. Credit Suisse Group lifted their target price on Activision Blizzard from $61.00 to $62.00 and gave the company an outperform rating in a report on Monday, May 15th. Finally, Jefferies Group LLC reiterated a buy rating and issued a $55.00 target price on shares of Activision Blizzard in a report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $57.59.
Shares of Activision Blizzard (NASDAQ:ATVI) traded down 0.57% during midday trading on Thursday, hitting $60.81. The company had a trading volume of 2,430,627 shares. The company has a 50-day moving average of $57.28 and a 200 day moving average of $47.26. The firm has a market capitalization of $45.83 billion, a PE ratio of 44.61 and a beta of 1.03. Activision Blizzard has a 12 month low of $35.12 and a 12 month high of $61.10.
Activision Blizzard (NASDAQ:ATVI) last released its earnings results on Thursday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.11. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.09 billion. Activision Blizzard had a return on equity of 16.90% and a net margin of 14.63%. Activision Blizzard’s revenue was up 31.7% compared to the same quarter last year. During the same period last year, the business posted $0.23 earnings per share. On average, analysts expect that Activision Blizzard will post $2.00 EPS for the current fiscal year.
In other news, CEO Riccardo Zacconi sold 19,761 shares of Activision Blizzard stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $55.45, for a total transaction of $1,095,747.45. Following the sale, the chief executive officer now owns 55,509 shares in the company, valued at $3,077,974.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian G. Kelly sold 420,063 shares of Activision Blizzard stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $49.90, for a total value of $20,961,143.70. The disclosure for this sale can be found here. 2.12% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new stake in Activision Blizzard during the fourth quarter worth approximately $7,857,000. Dimensional Fund Advisors LP boosted its position in shares of Activision Blizzard by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,632,869 shares of the company’s stock valued at $95,079,000 after buying an additional 24,172 shares during the period. Keybank National Association OH boosted its position in shares of Activision Blizzard by 2.1% in the fourth quarter. Keybank National Association OH now owns 21,991 shares of the company’s stock valued at $794,000 after buying an additional 461 shares during the period. Brown Advisory Inc. bought a new position in shares of Activision Blizzard during the fourth quarter valued at about $210,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in shares of Activision Blizzard by 27.6% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 7,859 shares of the company’s stock valued at $284,000 after buying an additional 1,698 shares during the period. Institutional investors and hedge funds own 88.00% of the company’s stock.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc (Activision), Blizzard Entertainment, Inc (Blizzard), King Digital Entertainment (King) and Other.
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