Wedbush Raises Activision Blizzard, Inc (ATVI) Price Target to $3.00

Activision Blizzard, Inc (NASDAQ:ATVI) had its target price hoisted by Wedbush to $3.00 in a research report report published on Friday, The Fly reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus boosted their target price on Activision Blizzard from $59.00 to $60.00 and gave the stock a buy rating in a research report on Monday, May 8th. Vetr downgraded Activision Blizzard from a strong-buy rating to a buy rating and set a $59.65 price objective for the company. in a report on Monday, May 8th. Jefferies Group LLC reiterated a buy rating and issued a $55.00 price objective on shares of Activision Blizzard in a report on Tuesday, April 18th. Benchmark Co. reiterated a buy rating and issued a $57.88 price objective (up previously from $53.96) on shares of Activision Blizzard in a report on Monday, May 1st. Finally, UBS AG reiterated a buy rating and issued a $60.00 price objective (up previously from $57.00) on shares of Activision Blizzard in a report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $60.33.

Activision Blizzard (NASDAQ ATVI) opened at 62.01 on Friday. The company’s 50-day moving average price is $59.80 and its 200-day moving average price is $52.00. Activision Blizzard has a 12-month low of $35.12 and a 12-month high of $63.30. The firm has a market capitalization of $46.73 billion, a price-to-earnings ratio of 45.50 and a beta of 1.07.

Activision Blizzard (NASDAQ:ATVI) last released its earnings results on Thursday, May 4th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.13. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.20 billion. Activision Blizzard had a return on equity of 17.30% and a net margin of 16.17%. The firm’s quarterly revenue was up 31.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.23 earnings per share. Equities analysts expect that Activision Blizzard will post $2.10 EPS for the current fiscal year.

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In related news, CEO of King Digital Riccardo Zacconi sold 19,761 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $55.45, for a total transaction of $1,095,747.45. Following the completion of the transaction, the insider now directly owns 55,509 shares of the company’s stock, valued at $3,077,974.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.12% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Chevy Chase Trust Holdings Inc. raised its stake in Activision Blizzard by 4.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 598,486 shares of the company’s stock valued at $29,841,000 after buying an additional 24,840 shares in the last quarter. Raymond James Trust N.A. acquired a new stake in Activision Blizzard during the first quarter valued at about $235,000. Waverton Investment Management Ltd raised its stake in Activision Blizzard by 16.9% in the first quarter. Waverton Investment Management Ltd now owns 360,044 shares of the company’s stock valued at $17,952,000 after buying an additional 52,010 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in Activision Blizzard by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 183,044 shares of the company’s stock valued at $9,126,000 after buying an additional 2,600 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Activision Blizzard by 2.1% in the first quarter. Quadrant Capital Group LLC now owns 6,750 shares of the company’s stock valued at $327,000 after buying an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 87.37% of the company’s stock.

Activision Blizzard Company Profile

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.