Westpac Banking Corp Buys 2,800 Shares of Zynga Inc (NASDAQ:ZNGA)

Westpac Banking Corp lifted its stake in shares of Zynga Inc (NASDAQ:ZNGA) by 0.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 297,994 shares of the company’s stock after purchasing an additional 2,800 shares during the quarter. Westpac Banking Corp’s holdings in Zynga were worth $1,827,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ZNGA. TimesSquare Capital Management LLC raised its stake in shares of Zynga by 228.2% during the 1st quarter. TimesSquare Capital Management LLC now owns 13,256,300 shares of the company’s stock valued at $70,656,000 after purchasing an additional 9,217,100 shares during the period. First Trust Advisors LP raised its stake in shares of Zynga by 13.0% during the 1st quarter. First Trust Advisors LP now owns 25,671,314 shares of the company’s stock valued at $136,828,000 after purchasing an additional 2,958,148 shares during the period. AO Asset Management LP bought a new stake in shares of Zynga during the 1st quarter valued at $10,058,000. Columbus Circle Investors bought a new stake in shares of Zynga during the 1st quarter valued at $9,023,000. Finally, Marshall Wace North America L.P. raised its stake in shares of Zynga by 719.7% during the 1st quarter. Marshall Wace North America L.P. now owns 1,868,966 shares of the company’s stock valued at $9,961,000 after purchasing an additional 1,640,946 shares during the period. Institutional investors own 70.47% of the company’s stock.

In other Zynga news, COO Matthew S. Bromberg sold 41,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $5.68, for a total value of $235,720.00. Following the transaction, the chief operating officer now directly owns 631,458 shares in the company, valued at approximately $3,586,681.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Miles Ryan sold 36,798 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.09, for a total value of $224,099.82. Following the completion of the transaction, the insider now owns 10,667 shares of the company’s stock, valued at $64,962.03. The disclosure for this sale can be found here. Insiders sold a total of 161,298 shares of company stock worth $973,590 over the last 90 days. Corporate insiders own 9.40% of the company’s stock.

NASDAQ ZNGA traded up $0.02 during trading on Friday, reaching $5.57. The company’s stock had a trading volume of 19,595,500 shares, compared to its average volume of 21,368,630. The stock has a market capitalization of $5.23 billion, a PE ratio of 278.50, a P/E/G ratio of 2.84 and a beta of 0.25. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.99 and a quick ratio of 1.99. The firm has a fifty day moving average of $6.19 and a 200 day moving average of $5.72. Zynga Inc has a one year low of $3.32 and a one year high of $6.65.

Zynga (NASDAQ:ZNGA) last announced its earnings results on Wednesday, July 31st. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.09). The business had revenue of $306.50 million during the quarter, compared to the consensus estimate of $293.18 million. Zynga had a negative return on equity of 10.42% and a negative net margin of 16.50%. The business’s quarterly revenue was up 41.2% on a year-over-year basis. Research analysts expect that Zynga Inc will post 0.13 earnings per share for the current fiscal year.

A number of research firms recently issued reports on ZNGA. Barclays upgraded Zynga to a “hold” rating and set a $6.00 price objective on the stock in a research note on Thursday, May 2nd. Stephens upgraded Zynga from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $6.50 to $8.25 in a research note on Thursday, May 30th. Bank of America boosted their price objective on Zynga from $6.60 to $6.70 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Morgan Stanley set a $7.00 target price on Zynga and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, ValuEngine lowered Zynga from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Zynga currently has a consensus rating of “Buy” and an average price target of $6.81.

About Zynga

Zynga Inc develops, markets, and operates social games as live services in the United States and internationally. The company's games are played on mobile platforms, such as Apple iOS and Google's Android operating systems, as well as on social networking sites, such as Facebook. It also provides advertising services comprising mobile and display ads, engagement ads and offers, and branded virtual items and sponsorships to advertising agencies and brokers; and licenses its own brands.

Further Reading: When can a hold rating present a buying opportunity?

Institutional Ownership by Quarter for Zynga (NASDAQ:ZNGA)

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