ClariVest Asset Management LLC lessened its holdings in shares of Glu Mobile Inc. (NASDAQ:GLUU) by 12.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 278,425 shares of the company’s stock after selling 39,565 shares during the period. ClariVest Asset Management LLC’s holdings in Glu Mobile were worth $3,044,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of GLUU. JPMorgan Chase & Co. raised its holdings in shares of Glu Mobile by 31.4% during the first quarter. JPMorgan Chase & Co. now owns 4,292,458 shares of the company’s stock worth $46,960,000 after purchasing an additional 1,026,230 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in Glu Mobile in the first quarter valued at $10,446,000. Highbridge Capital Management LLC purchased a new position in Glu Mobile in the fourth quarter valued at $6,410,000. Columbus Circle Investors increased its holdings in Glu Mobile by 60.6% in the fourth quarter. Columbus Circle Investors now owns 2,013,559 shares of the company’s stock valued at $16,249,000 after buying an additional 759,729 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Glu Mobile by 354.2% in the first quarter. The Manufacturers Life Insurance Company now owns 925,483 shares of the company’s stock valued at $10,125,000 after buying an additional 721,736 shares in the last quarter. 57.68% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the stock. BidaskClub cut shares of Glu Mobile from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 18th. Zacks Investment Research cut shares of Glu Mobile from a “buy” rating to a “hold” rating in a report on Tuesday, April 9th. Piper Jaffray Companies lifted their price objective on shares of Glu Mobile from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Wedbush raised shares of Glu Mobile from a “neutral” rating to an “outperform” rating and set a $9.00 price objective for the company in a report on Friday, June 7th. Finally, ValuEngine cut shares of Glu Mobile from a “strong-buy” rating to a “buy” rating in a report on Friday, June 7th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $9.92.
Glu Mobile (NASDAQ:GLUU) last released its earnings results on Monday, May 6th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. The business had revenue of $92.60 million during the quarter, compared to analysts’ expectations of $89.74 million. Glu Mobile had a negative net margin of 1.40% and a negative return on equity of 0.92%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.05) earnings per share. As a group, equities analysts anticipate that Glu Mobile Inc. will post 0.19 EPS for the current year.
In other news, Director Holdings Ltd Tencent sold 7,259,728 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $7.75, for a total transaction of $56,262,892.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Greg Brandeau sold 4,170 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $7.26, for a total transaction of $30,274.20. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $363,000. The disclosure for this sale can be found here. Insiders have sold 7,354,612 shares of company stock valued at $57,268,342 in the last three months. Corporate insiders own 6.84% of the company’s stock.
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Glu Mobile Company Profile
Glu Mobile Inc develops, publishes, and markets a portfolio of free-to-play mobile games for the users of smartphones and tablet devices. The company publishes titles primarily in four genres, including home décor, sports and action, fashion and celebrity, and time management. It creates games based on its own brands, Blood & Glory, Contract Killer, Cooking Dash, Deer Hunter, Diner Dash, Eternity Warriors, Frontline Commando, Gun Bros, QuizUp, and Tap Sports.
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