Cigna Investments Inc. New reduced its position in shares of Electronic Arts Inc. (NASDAQ:EA) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,941 shares of the game software company’s stock after selling 739 shares during the period. Cigna Investments Inc. New’s holdings in Electronic Arts were worth $1,262,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in EA. TimesSquare Capital Management LLC boosted its position in shares of Electronic Arts by 0.5% in the first quarter. TimesSquare Capital Management LLC now owns 767,500 shares of the game software company’s stock worth $68,707,000 after buying an additional 3,600 shares during the period. Foundry Partners LLC boosted its position in shares of Electronic Arts by 17.9% in the first quarter. Foundry Partners LLC now owns 13,944 shares of the game software company’s stock worth $1,248,000 after buying an additional 2,116 shares during the period. Mn Services Vermogensbeheer B.V. boosted its position in shares of Electronic Arts by 529.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 50,647 shares of the game software company’s stock worth $5,354,000 after buying an additional 42,599 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Electronic Arts by 15.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 8,077,235 shares of the game software company’s stock worth $723,074,000 after buying an additional 1,064,602 shares during the period. Finally, State Street Corp boosted its position in shares of Electronic Arts by 2.8% in the first quarter. State Street Corp now owns 11,886,458 shares of the game software company’s stock worth $1,064,069,000 after buying an additional 318,704 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.
Electronic Arts Inc. (NASDAQ:EA) opened at 116.11 on Thursday. Electronic Arts Inc. has a one year low of $73.74 and a one year high of $120.25. The firm has a market cap of $35.88 billion, a price-to-earnings ratio of 31.09 and a beta of 0.72. The firm has a 50 day moving average of $112.04 and a 200-day moving average of $99.10.
Electronic Arts (NASDAQ:EA) last released its quarterly earnings data on Thursday, July 27th. The game software company reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.22. The firm had revenue of $775 million for the quarter, compared to analyst estimates of $768.47 million. Electronic Arts had a net margin of 23.31% and a return on equity of 29.77%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.07 EPS. Equities research analysts forecast that Electronic Arts Inc. will post $4.24 EPS for the current fiscal year.
Electronic Arts announced that its board has initiated a stock buyback program on Tuesday, May 9th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the game software company to repurchase up to 45% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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EA has been the subject of a number of research analyst reports. Pacific Crest reaffirmed an “overweight” rating and issued a $112.00 target price on shares of Electronic Arts in a report on Wednesday, April 26th. Needham & Company LLC initiated coverage on shares of Electronic Arts in a report on Monday, July 17th. They issued a “buy” rating and a $130.00 target price for the company. Vetr raised shares of Electronic Arts from a “hold” rating to a “buy” rating and set a $99.98 target price for the company in a report on Monday, May 8th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $135.00 target price (up from $123.00) on shares of Electronic Arts in a report on Friday, July 28th. Finally, Bank of America Corporation reaffirmed a “neutral” rating and issued a $104.00 target price on shares of Electronic Arts in a report on Monday, May 8th. Five research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Electronic Arts currently has a consensus rating of “Buy” and a consensus price target of $115.19.
In related news, EVP Joel Linzner sold 10,000 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $100.34, for a total transaction of $1,003,400.00. Following the completion of the sale, the executive vice president now directly owns 26,745 shares of the company’s stock, valued at approximately $2,683,593.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Patrick Soderlund sold 55,163 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $107.14, for a total transaction of $5,910,163.82. Following the sale, the executive vice president now directly owns 213,689 shares of the company’s stock, valued at $22,894,639.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 336,915 shares of company stock worth $37,032,377. 2.55% of the stock is currently owned by company insiders.
About Electronic Arts
Electronic Arts Inc develops, markets, publishes and distributes games, content and services that can be played by consumers on a range of platforms, which include consoles, personal computers (PCs), mobile phones and tablets. The Company’s games and services are based on a portfolio of intellectual property that includes established brands, such as FIFA, Madden NFL, Star Wars, Battlefield, the Sims and Need for Speed.
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