Activision Blizzard (NASDAQ:ATVI) Upgraded to “Buy” by Nomura
Nomura upgraded shares of Activision Blizzard (NASDAQ:ATVI) from a neutral rating to a buy rating in a research report released on Thursday, The Fly reports. The brokerage currently has $64.00 price objective on the stock, up from their previous price objective of $49.00.
Several other brokerages also recently commented on ATVI. Piper Jaffray Companies reissued an overweight rating and issued a $55.00 price objective (up previously from $52.00) on shares of Activision Blizzard in a research note on Friday, August 9th. KeyCorp reissued an overweight rating and issued a $60.00 price objective on shares of Activision Blizzard in a research note on Tuesday, July 30th. Bank of America increased their price objective on shares of Activision Blizzard from $56.00 to $57.00 and gave the company a buy rating in a research note on Friday, August 9th. SunTrust Banks increased their price objective on shares of Activision Blizzard from $52.00 to $56.00 and gave the company a buy rating in a research note on Monday, August 12th. Finally, MKM Partners reissued a neutral rating and issued a $47.00 price objective (up previously from $45.00) on shares of Activision Blizzard in a research note on Friday, August 9th. Eight equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. Activision Blizzard currently has a consensus rating of Buy and an average price target of $61.71.
NASDAQ:ATVI traded up $0.50 on Thursday, hitting $55.95. The company had a trading volume of 6,396,465 shares, compared to its average volume of 9,280,532. The stock has a market capitalization of $42.85 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 2.22 and a beta of 0.89. The company has a current ratio of 3.46, a quick ratio of 3.43 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $49.35 and a two-hundred day moving average of $46.51. Activision Blizzard has a 52 week low of $39.85 and a 52 week high of $84.68.
In related news, insider Brian M. Stolz sold 134,845 shares of Activision Blizzard stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $47.80, for a total transaction of $6,445,591.00. Following the completion of the transaction, the insider now owns 58,563 shares of the company’s stock, valued at $2,799,311.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher B. Walther sold 5,333 shares of Activision Blizzard stock in a transaction on Thursday, August 1st. The stock was 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 valued at $7,528,095 in the last three months. 1.29% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nuveen Asset Management LLC acquired a new stake in Activision Blizzard in the second quarter worth $422,191,000. Ruffer LLP acquired a new stake in Activision Blizzard in the second quarter worth $160,765,000. Viking Global Investors LP grew its holdings in Activision Blizzard by 61.1% in the second quarter. Viking Global Investors LP now owns 7,908,859 shares of the company’s stock worth $373,298,000 after purchasing an additional 2,999,492 shares during the period. Manning & Napier Group LLC acquired a new stake in Activision Blizzard in the second quarter worth $118,438,000. Finally, Boston Partners grew its holdings in Activision Blizzard by 137.6% in the second quarter. Boston Partners now owns 3,710,600 shares of the company’s stock worth $175,148,000 after purchasing an additional 2,148,773 shares during the period. 87.07% of the stock is owned by institutional investors and hedge funds.
Activision Blizzard Company Profile
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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