Activision Blizzard (NASDAQ:ATVI) PT Raised to $62.00

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Activision Blizzard (NASDAQ:ATVI) had its price objective hoisted by analysts at Piper Jaffray Companies from $55.00 to $62.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm presently has an “overweight” rating on the stock. Piper Jaffray Companies’ price target points to a potential upside of 12.71% from the company’s previous close.

Several other equities analysts have also recently issued reports on ATVI. KeyCorp reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of Activision Blizzard in a research note on Tuesday, July 30th. Goldman Sachs Group raised shares of Activision Blizzard from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $50.00 to $54.00 in a research note on Tuesday, May 28th. BidaskClub raised shares of Activision Blizzard from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Morgan Stanley reaffirmed an “overweight” rating and issued a $57.00 price objective (up previously from $55.00) on shares of Activision Blizzard in a research note on Friday, August 9th. Finally, Jefferies Financial Group raised shares of Activision Blizzard to a “buy” rating and set a $65.00 target price on the stock in a research report on Thursday, September 12th. Eight equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $62.23.

Shares of ATVI opened at $55.01 on Wednesday. The firm’s 50 day moving average is $50.44 and its 200-day moving average is $46.98. The stock has a market capitalization of $42.78 billion, a P/E ratio of 23.02, a P/E/G ratio of 2.21 and a beta of 0.89. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.46 and a quick ratio of 3.43. Activision Blizzard has a 12-month low of $39.85 and a 12-month high of $84.68.

Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.14. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Activision Blizzard had a net margin of 23.69% and a return on equity of 15.54%. The business’s revenue was down 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS. As a group, equities research analysts forecast that Activision Blizzard will post 2 EPS for the current fiscal year.

In related news, insider Christopher B. Walther sold 11,333 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $47.91, for a total transaction of $542,964.03. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Christopher B. Walther sold 5,333 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $50.34, for a total transaction of $268,463.22. The disclosure for this sale can be found here. Insiders have sold 156,844 shares of company stock worth $7,528,095 over the last ninety days. 1.29% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Investment Advisory Services LLC grew its position in Activision Blizzard by 189.5% during the second quarter. Capital Investment Advisory Services LLC now owns 553 shares of the company’s stock valued at $25,000 after purchasing an additional 362 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in Activision Blizzard during the first quarter valued at approximately $27,000. Redhawk Wealth Advisors Inc. purchased a new position in Activision Blizzard during the second quarter valued at approximately $29,000. Thor Advisors LLC purchased a new position in Activision Blizzard during the first quarter valued at approximately $40,000. Finally, Kavar Capital Partners LLC acquired a new stake in Activision Blizzard in the second quarter valued at approximately $47,000. 86.97% of the stock is currently owned by hedge funds and other institutional investors.

About Activision Blizzard

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. It 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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