ValuEngine Downgrades Activision Blizzard (ATVI) to Hold

ValuEngine lowered shares of Activision Blizzard (NASDAQ:ATVI) from a buy rating to a hold rating in a research report report published on Tuesday morning.

Several other brokerages have also recently weighed in on ATVI. Morgan Stanley upped their target price on Activision Blizzard from $75.00 to $80.00 and gave the stock an overweight rating in a report on Wednesday, July 11th. Piper Jaffray Companies reiterated an overweight rating and issued a $88.00 target price on shares of Activision Blizzard in a report on Wednesday, September 26th. BidaskClub cut Activision Blizzard from a strong-buy rating to a buy rating in a report on Wednesday, July 25th. Wedbush set a $81.00 target price on Activision Blizzard and gave the stock a buy rating in a report on Thursday, July 26th. Finally, SunTrust Banks set a $85.00 target price on Activision Blizzard and gave the stock a buy rating in a report on Wednesday, October 17th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $82.38.

Shares of ATVI stock opened at $68.99 on Tuesday. Activision Blizzard has a twelve month low of $57.29 and a twelve month high of $84.68. The firm has a market capitalization of $52.64 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 1.84 and a beta of 1.11. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.98 and a quick ratio of 2.96.

Activision Blizzard (NASDAQ:ATVI) last issued its earnings results on Thursday, August 2nd. The company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.11. Activision Blizzard had a return on equity of 16.39% and a net margin of 6.96%. The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the business earned $0.32 EPS. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Activision Blizzard will post 2.49 EPS for the current year.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the company’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $68.70, for a total transaction of $1,357,580.70. Following the completion of the sale, the chief executive officer now directly owns 20,324 shares in the company, valued at approximately $1,396,258.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.29% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ATVI. CenturyLink Investment Management Co purchased a new stake in shares of Activision Blizzard during the 2nd quarter worth $886,000. Alecta Pensionsforsakring Omsesidigt raised its stake in Activision Blizzard by 28.6% in the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 1,800,000 shares of the company’s stock valued at $137,376,000 after buying an additional 400,000 shares during the last quarter. DnB Asset Management AS purchased a new stake in Activision Blizzard in the second quarter valued at about $7,064,000. Abner Herrman & Brock LLC raised its stake in Activision Blizzard by 2.5% in the second quarter. Abner Herrman & Brock LLC now owns 105,645 shares of the company’s stock valued at $8,063,000 after buying an additional 2,557 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its stake in Activision Blizzard by 47.1% in the second quarter. IFM Investors Pty Ltd now owns 32,640 shares of the company’s stock valued at $2,491,000 after buying an additional 10,458 shares during the last quarter. Hedge funds and other institutional investors own 86.99% of the company’s stock.

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. The company 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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