Activision Blizzard (NASDAQ:ATVI) Price Target Raised to $56.00

Activision Blizzard (NASDAQ:ATVI) had its target price raised by SunTrust Banks from $52.00 to $56.00 in a research note published on Monday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on ATVI. Stephens lowered shares of Activision Blizzard from an overweight rating to an equal weight rating and dropped their price objective for the company from $57.00 to $52.00 in a report on Wednesday, May 22nd. UBS Group reissued a buy rating and issued a $56.00 price objective (up previously from $52.00) on shares of Activision Blizzard in a report on Friday, August 9th. Goldman Sachs Group raised shares of Activision Blizzard from a neutral rating to a buy rating and upped their price objective for the company from $50.00 to $54.00 in a report on Tuesday, May 28th. Citigroup began coverage on shares of Activision Blizzard in a report on Friday, June 7th. They issued a neutral rating and a $47.00 price objective for the company. Finally, Morgan Stanley reissued an overweight rating and issued a $57.00 price objective (up previously from $55.00) on shares of Activision Blizzard in a report on Friday, August 9th. Twelve analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Activision Blizzard has a consensus rating of Buy and a consensus target price of $59.68.

Shares of ATVI opened at $45.51 on Monday. The company has a current ratio of 3.46, a quick ratio of 2.61 and a debt-to-equity ratio of 0.22. Activision Blizzard has a 12-month low of $39.85 and a 12-month high of $84.68. The firm has a 50-day moving average price of $47.38 and a 200 day moving average price of $45.68. The firm has a market capitalization of $36.92 billion, a P/E ratio of 19.04, a P/E/G ratio of 1.90 and a beta of 0.90.

Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.14. Activision Blizzard had a net margin of 23.69% and a return on equity of 15.54%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Activision Blizzard’s quarterly revenue was down 12.9% on a year-over-year basis. Equities research analysts predict that Activision Blizzard will post 2.01 earnings per share for the current fiscal year.

In other news, insider Christopher B. Walther sold 5,333 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $50.34, for a total value of $268,463.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher B. Walther sold 2,333 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $44.00, for a total transaction of $102,652.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 153,844 shares of company stock valued at $7,359,670. 1.29% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of ATVI. Massey Quick Simon & CO. LLC acquired a new stake in Activision Blizzard during the first quarter worth approximately $25,000. Capital Investment Advisory Services LLC raised its holdings in Activision Blizzard by 189.5% during the second quarter. Capital Investment Advisory Services LLC now owns 553 shares of the company’s stock worth $25,000 after purchasing an additional 362 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in Activision Blizzard during the first quarter worth approximately $27,000. Redhawk Wealth Advisors Inc. acquired a new stake in Activision Blizzard during the second quarter worth approximately $29,000. Finally, Freestone Capital Holdings LLC acquired a new stake in Activision Blizzard during the second quarter worth approximately $18,898,000. 86.34% of the stock is owned by institutional investors and hedge funds.

About Activision Blizzard

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. It 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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Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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