Keybank National Association OH Makes New $985,000 Investment in Zynga Inc (NASDAQ:ZNGA)

Posted by Max Byerly on Nov 13th, 2019

Keybank National Association OH purchased a new position in Zynga Inc (NASDAQ:ZNGA) during the third quarter, HoldingsChannel reports. The institutional investor purchased 169,255 shares of the company’s stock, valued at approximately $985,000.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Zynga by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 74,896,553 shares of the company’s stock worth $459,116,000 after purchasing an additional 1,274,882 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Zynga by 1,172.6% in the 2nd quarter. Renaissance Technologies LLC now owns 19,411,800 shares of the company’s stock worth $118,994,000 after purchasing an additional 17,886,400 shares during the period. Invesco Ltd. raised its holdings in shares of Zynga by 592.1% in the 2nd quarter. Invesco Ltd. now owns 19,295,680 shares of the company’s stock worth $118,283,000 after purchasing an additional 16,507,732 shares during the period. TimesSquare Capital Management LLC raised its holdings in shares of Zynga by 18.2% in the 2nd quarter. TimesSquare Capital Management LLC now owns 15,672,800 shares of the company’s stock worth $96,074,000 after purchasing an additional 2,416,500 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in shares of Zynga by 118.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 10,830,278 shares of the company’s stock worth $66,390,000 after purchasing an additional 5,878,684 shares during the period. 72.93% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:ZNGA traded up $0.02 during mid-day trading on Wednesday, hitting $6.36. 26,842 shares of the company traded hands, compared to its average volume of 17,290,553. The firm has a market cap of $5.94 billion, a P/E ratio of 318.00, a PEG ratio of 2.97 and a beta of 0.31. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.12 and a current ratio of 2.12. Zynga Inc has a 52-week low of $3.32 and a 52-week high of $6.65. The firm’s 50 day simple moving average is $6.11 and its 200 day simple moving average is $6.06.

Zynga (NASDAQ:ZNGA) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. Zynga had a negative return on equity of 11.86% and a net margin of 3.94%. The company had revenue of $345.29 million for the quarter, compared to the consensus estimate of $330.56 million. During the same period in the previous year, the business earned $0.01 EPS. Zynga’s revenue for the quarter was up 48.0% compared to the same quarter last year. Equities research analysts expect that Zynga Inc will post 0.15 EPS for the current fiscal year.

In other Zynga news, COO Matthew S. Bromberg sold 41,500 shares of Zynga stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $5.68, for a total transaction of $235,720.00. Following the sale, the chief operating officer now directly owns 631,458 shares in the company, valued at approximately $3,586,681.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey Miles Ryan sold 148,317 shares of Zynga stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $6.00, for a total value of $889,902.00. Following the sale, the insider now owns 15,784 shares in the company, valued at $94,704. The disclosure for this sale can be found here. Insiders have sold a total of 337,890 shares of company stock worth $2,028,282 over the last 90 days. 9.40% of the stock is owned by company insiders.

Several brokerages recently commented on ZNGA. Barclays set a $6.00 target price on Zynga and gave the company a “hold” rating in a report on Monday, October 21st. Robert W. Baird set a $8.00 target price on Zynga and gave the company a “buy” rating in a report on Thursday, August 29th. BidaskClub upgraded Zynga from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 9th. ValuEngine downgraded Zynga from a “hold” rating to a “sell” rating in a report on Friday, November 1st. Finally, Bank of America raised their target price on Zynga from $6.60 to $6.70 and gave the company a “neutral” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $7.17.

Zynga Company Profile

Zynga Inc develops, markets, and operates social games as live services in the United States and internationally. The company's games are played on mobile platforms, such as Apple iOS and Google's Android operating systems, as well as on social networking sites, such as Facebook. It also provides advertising services comprising mobile and display ads, engagement ads and offers, and branded virtual items and sponsorships to advertising agencies and brokers; and licenses its own brands.