Cowen and Company cut shares of Activision Blizzard, Inc (NASDAQ:ATVI) from an outperform rating to a market perform rating in a report issued on Monday morning. The firm currently has $66.00 price objective on the stock.
Other equities analysts have also issued research reports about the company. Piper Jaffray Companies restated an overweight rating and issued a $65.00 price target on shares of Activision Blizzard in a research note on Tuesday, July 18th. Argus restated a buy rating and issued a $70.00 price target (up previously from $65.00) on shares of Activision Blizzard in a research note on Wednesday, August 16th. Vetr lowered Activision Blizzard from a strong-buy rating to a buy rating and set a $67.48 price target for the company. in a research note on Wednesday, July 12th. Oppenheimer Holdings, Inc. lifted their price target on Activision Blizzard from $60.00 to $70.00 and gave the company an outperform rating in a research note on Thursday, June 22nd. Finally, BidaskClub lowered Activision Blizzard from a buy rating to a hold rating in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have given a buy rating to the company. The stock has an average rating of Buy and an average target price of $65.33.
Shares of Activision Blizzard (NASDAQ:ATVI) opened at 62.05 on Monday. The stock has a market cap of $46.84 billion, a PE ratio of 41.90 and a beta of 1.10. The firm has a 50-day moving average price of $63.85 and a 200-day moving average price of $58.72. Activision Blizzard has a 12 month low of $35.12 and a 12 month high of $66.58.
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In related news, insider Dennis M. Durkin sold 160,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $60.68, for a total value of $9,708,800.00. Following the transaction, the insider now directly owns 337,534 shares in the company, valued at $20,481,563.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brian G. Kelly sold 111,239 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $62.44, for a total value of $6,945,763.16. Following the completion of the transaction, the director now owns 189,791 shares in the company, valued at $11,850,550.04. The disclosure for this sale can be found here. Insiders sold 4,074,879 shares of company stock worth $252,196,001 over the last quarter. 2.12% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allen Investment Management LLC acquired a new position in Activision Blizzard in the second quarter valued at approximately $2,095,000. DnB Asset Management AS lifted its holdings in Activision Blizzard by 10.6% in the second quarter. DnB Asset Management AS now owns 80,653 shares of the company’s stock valued at $4,643,000 after acquiring an additional 7,700 shares during the last quarter. Pacad Investment Ltd. lifted its holdings in Activision Blizzard by 131.0% in the second quarter. Pacad Investment Ltd. now owns 119,447 shares of the company’s stock valued at $6,877,000 after acquiring an additional 67,742 shares during the last quarter. Norinchukin Bank The lifted its holdings in Activision Blizzard by 7.1% in the second quarter. Norinchukin Bank The now owns 48,118 shares of the company’s stock valued at $2,770,000 after acquiring an additional 3,170 shares during the last quarter. Finally, Brighton Jones LLC acquired a new position in Activision Blizzard in the second quarter valued at approximately $508,000. Hedge funds and other institutional investors own 86.27% 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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