Janney Montgomery Scott LLC cut its stake in Electronic Arts Inc. (NASDAQ:EA) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 7,901 shares of the game software company’s stock after selling 40 shares during the period. Janney Montgomery Scott LLC’s holdings in Electronic Arts were worth $835,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Guardian Life Insurance Co. of America raised its position in Electronic Arts by 2.9% in the first quarter. Guardian Life Insurance Co. of America now owns 1,190 shares of the game software company’s stock worth $107,000 after buying an additional 34 shares in the last quarter. Invictus RG raised its position in Electronic Arts by 722.0% in the first quarter. Invictus RG now owns 1,307 shares of the game software company’s stock worth $117,000 after buying an additional 1,148 shares in the last quarter. D. Scott Neal Inc. bought a new position in Electronic Arts during the second quarter worth $120,000. Commerce Bank bought a new position in Electronic Arts during the first quarter worth $203,000. Finally, Intrust Bank NA bought a new position in Electronic Arts during the first quarter worth $204,000. Institutional investors and hedge funds own 97.31% of the company’s stock.
Electronic Arts Inc. (NASDAQ EA) opened at 117.11 on Tuesday. The stock has a 50 day moving average price of $112.32 and a 200-day moving average price of $99.99. Electronic Arts Inc. has a 12-month low of $73.74 and a 12-month high of $120.25. The company has a market capitalization of $36.16 billion, a price-to-earnings ratio of 31.35 and a beta of 0.72.
Electronic Arts (NASDAQ:EA) last posted its quarterly earnings data on Thursday, July 27th. The game software company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.14 by $0.22. The firm had revenue of $775 million during the quarter, compared to analyst estimates of $768.47 million. Electronic Arts had a return on equity of 29.77% and a net margin of 23.31%. Electronic Arts’s revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS. Equities analysts predict that Electronic Arts Inc. will post $4.24 EPS for the current fiscal year.
Electronic Arts announced that its Board of Directors has initiated a share buyback program on Tuesday, May 9th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the game software company to buy up to 45% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
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A number of research firms have recently weighed in on EA. Pacific Crest restated an “overweight” rating and issued a $112.00 target price on shares of Electronic Arts in a report on Wednesday, April 26th. BidaskClub lowered Electronic Arts from a “buy” rating to a “hold” rating in a report on Friday, June 30th. KeyCorp restated a “buy” rating on shares of Electronic Arts in a report on Sunday, July 30th. Piper Jaffray Companies dropped their target price on Electronic Arts from $119.00 to $99.00 and set an “overweight” rating on the stock in a report on Wednesday, May 10th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $94.00 target price on shares of Electronic Arts in a report on Thursday, April 20th. Five investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Electronic Arts presently has a consensus 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 stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $104.56, for a total value of $1,045,600.00. Following the completion of the sale, the chief financial officer now owns 239,614 shares in the company, valued at approximately $25,054,039.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Wilson sold 100,000 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $111.31, for a total value of $11,131,000.00. Following the completion of the sale, the chief executive officer now owns 100,000 shares of the company’s stock, valued at approximately $11,131,000. The disclosure for this sale can be found here. Insiders sold a total of 336,915 shares of company stock valued at $37,181,477 over the last 90 days. 2.55% of the stock is currently owned by company insiders.
Electronic Arts Company Profile
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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