Activision Blizzard (ATVI) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Activision Blizzard (NASDAQ:ATVI) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $71.00 price target on the stock.

According to Zacks, “Activision shares have outperformed the industry it belongs to over the last 12-months. The company is one of the leading names in the video game publishing arena. Its popularity is primarily driven by its well-known franchises, which will continue to fuel top-line growth.  Increasing digital revenues, King Digital buyout and strength in franchises are the key drivers. The company’s much awaited Call of Duty: WWII earned over $500 million in the first three days of its release. The company’s attempts to become a broad-based media company are prudent in our view. Apart from launching a movie studio and consumer products division, the company is also strengthening its presence in the lucrative e-sports market. However, hit driven and competitive nature of the video game industry begets caution.”

A number of other equities research analysts have also recently weighed in on the company. Cowen cut Activision Blizzard from an outperform rating to a market perform rating and set a $66.00 price target on the stock. in a report on Monday, October 9th. Piper Jaffray Companies reaffirmed an overweight rating and set a $69.00 price target on shares of Activision Blizzard in a report on Friday, September 8th. Goldman Sachs Group assumed coverage on shares of Activision Blizzard in a research note on Friday, September 8th. They set a neutral rating and a $65.00 price objective on the stock. Vetr lowered shares of Activision Blizzard from a buy rating to a hold rating and set a $59.97 price objective on the stock. in a research note on Monday, October 23rd. Finally, KeyCorp reiterated a buy rating and set a $74.00 price objective on shares of Activision Blizzard in a research note on Friday, September 8th. Five investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. Activision Blizzard presently has a consensus rating of Buy and a consensus price target of $69.39.

Shares of Activision Blizzard (NASDAQ ATVI) traded down $0.65 during trading on Tuesday, hitting $64.66. The stock had a trading volume of 3,919,800 shares, compared to its average volume of 4,480,700. The firm has a market capitalization of $48,930.00, a P/E ratio of 44.29, a PEG ratio of 1.91 and a beta of 1.02. Activision Blizzard has a 12 month low of $37.37 and a 12 month high of $67.40. The company has a quick ratio of 2.22, a current ratio of 2.25 and a debt-to-equity ratio of 0.44.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $63.64, for a total value of $1,257,590.04. Following the transaction, the chief executive officer now directly owns 41,435 shares in the company, valued at $2,636,923.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.12% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Commerce Bank increased its position in shares of Activision Blizzard by 1.7% during the second quarter. Commerce Bank now owns 11,883 shares of the company’s stock worth $684,000 after acquiring an additional 199 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its position in Activision Blizzard by 16.2% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 2,606 shares of the company’s stock valued at $150,000 after purchasing an additional 363 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in Activision Blizzard by 56.0% in the second quarter. Oppenheimer & Co. Inc. now owns 34,125 shares of the company’s stock valued at $1,965,000 after purchasing an additional 12,243 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in Activision Blizzard by 32.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 8,247 shares of the company’s stock valued at $475,000 after purchasing an additional 1,998 shares in the last quarter. Finally, Pinnacle Associates Ltd. bought a new position in Activision Blizzard in the second quarter valued at $234,000. Institutional investors and hedge funds own 86.48% of the company’s stock.

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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.

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