Vetr Inc. Downgrades Activision Blizzard, Inc (NASDAQ:ATVI) to Buy

Vetr lowered shares of Activision Blizzard, Inc (NASDAQ:ATVI) from a strong-buy rating to a buy rating in a report published on Wednesday. They currently have $67.48 price objective on the stock.

ATVI has been the topic of several other reports. CIBC reiterated an outperform rating and set a $70.00 target price (up from $60.00) on shares of Activision Blizzard in a research report on Thursday, June 22nd. BidaskClub lowered shares of Activision Blizzard from a strong-buy rating to a buy rating in a report on Wednesday, June 28th. Robert W. Baird restated an outperform rating on shares of Activision Blizzard in a report on Monday, July 3rd. UBS AG restated a buy rating and set a $60.00 price target (up previously from $57.00) on shares of Activision Blizzard in a report on Friday, May 5th. Finally, Wedbush raised their price target on shares of Activision Blizzard from $53.00 to $62.50 and gave the stock an outperform rating in a report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-two have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $59.78.

Shares of Activision Blizzard (ATVI) opened at 60.50 on Wednesday. The company’s 50 day moving average is $58.42 and its 200-day moving average is $48.26. The company has a market capitalization of $45.60 billion, a P/E ratio of 44.39 and a beta of 1.07. Activision Blizzard has a 1-year low of $35.12 and a 1-year high of $61.58.

Activision Blizzard (NASDAQ:ATVI) last posted its earnings results on Thursday, May 4th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.16 by $0.11. Activision Blizzard had a net margin of 14.63% and a return on equity of 16.90%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the company earned $0.23 EPS. The firm’s revenue was up 31.7% compared to the same quarter last year. On average, equities research analysts forecast that Activision Blizzard will post $2.00 EPS for the current year.

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In other Activision Blizzard news, CEO Riccardo Zacconi sold 19,761 shares of Activision Blizzard stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $55.45, for a total transaction of $1,095,747.45. Following the transaction, the chief executive officer now directly owns 55,509 shares of the company’s stock, valued at approximately $3,077,974.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.12% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Activision Blizzard by 3,032.9% in the first quarter. BlackRock Inc. now owns 48,912,065 shares of the company’s stock worth $2,438,753,000 after buying an additional 47,350,818 shares in the last quarter. Jennison Associates LLC increased its position in Activision Blizzard by 110,271.4% in the first quarter. Jennison Associates LLC now owns 12,179,488 shares of the company’s stock worth $607,269,000 after buying an additional 12,168,453 shares in the last quarter. Egerton Capital UK LLP increased its position in Activision Blizzard by 225.7% in the first quarter. Egerton Capital UK LLP now owns 12,219,008 shares of the company’s stock worth $609,240,000 after buying an additional 8,467,902 shares in the last quarter. Caxton Associates LP purchased a new position in Activision Blizzard during the first quarter worth about $149,610,000. Finally, Iridian Asset Management LLC CT purchased a new position in Activision Blizzard during the first quarter worth about $148,547,000. 87.45% of the stock is currently owned by hedge funds and other institutional investors.

About Activision Blizzard

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.

To view Vetr’s full report, visit Vetr’s official website.

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