Shell Asset Management Co. boosted its stake in Electronic Arts Inc. (NASDAQ:EA) by 20.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,137 shares of the game software company’s stock after buying an additional 3,975 shares during the period. Shell Asset Management Co.’s holdings in Electronic Arts were worth $2,446,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Foundry Partners LLC increased 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 last quarter. Chevy Chase Trust Holdings Inc. increased its stake in Electronic Arts by 5.7% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 267,244 shares of the game software company’s stock valued at $23,924,000 after buying an additional 14,414 shares in the last quarter. Raymond James Trust N.A. increased its stake in Electronic Arts by 18.8% in the first quarter. Raymond James Trust N.A. now owns 3,708 shares of the game software company’s stock valued at $332,000 after buying an additional 588 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in Electronic Arts by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 95,345 shares of the game software company’s stock valued at $8,535,000 after buying an additional 1,300 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in Electronic Arts by 3.8% in the first quarter. Bank of Montreal Can now owns 373,561 shares of the game software company’s stock valued at $33,441,000 after buying an additional 13,771 shares in the last quarter. 98.14% of the stock is currently owned by institutional investors and hedge funds.
Electronic Arts Inc. (EA) opened at 116.92 on Wednesday. The firm has a market capitalization of $36.13 billion, a price-to-earnings ratio of 31.30 and a beta of 0.71. The stock’s 50 day moving average price is $111.06 and its 200-day moving average price is $97.77. Electronic Arts Inc. has a 12 month low of $73.74 and a 12 month high of $120.25.
Electronic Arts (NASDAQ:EA) last announced its quarterly earnings data on Thursday, July 27th. The game software company reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.22. The business had revenue of $775 million during the quarter, compared to analysts’ expectations of $768.47 million. Electronic Arts had a return on equity of 29.77% and a net margin of 23.31%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.07 earnings per share. Equities analysts anticipate that Electronic Arts Inc. will post $4.22 EPS for the current fiscal year.
Electronic Arts announced that its board has initiated a stock buyback plan on Tuesday, May 9th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the game software company to buy up to 45% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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A number of analysts have recently weighed in on the stock. Pacific Crest restated an “overweight” rating and issued a $112.00 price objective on shares of Electronic Arts in a research note on Wednesday, April 26th. Needham & Company LLC assumed coverage on shares of Electronic Arts in a report on Monday, July 17th. They issued a “buy” rating and a $130.00 price target on the stock. Vetr raised shares of Electronic Arts from a “hold” rating to a “buy” rating and set a $99.98 price target on the stock in a report on Monday, May 8th. Zacks Investment Research lowered shares of Electronic Arts from a “buy” rating to a “hold” rating in a report on Tuesday, April 4th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $135.00 target price (up previously from $123.00) on shares of Electronic Arts in a report on Friday, July 28th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Electronic Arts has an average rating of “Buy” and an average target price of $115.19.
In other Electronic Arts news, CFO Blake J. Jorgensen sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $111.01, for a total transaction of $1,110,100.00. Following the completion of the sale, the chief financial officer now owns 219,614 shares of the company’s stock, valued at $24,379,350.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Denise Warren sold 1,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $108.84, for a total value of $108,840.00. Following the sale, the director now directly owns 13,665 shares of the company’s stock, valued at approximately $1,487,298.60. The disclosure for this sale can be found here. Insiders sold 322,857 shares of company stock valued at $35,334,001 in the last 90 days. Company insiders own 2.55% of the company’s stock.
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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