Activision Blizzard (NASDAQ:ATVI) Price Target Raised to $65.00

Activision Blizzard (NASDAQ:ATVI) had its price objective upped by Stifel Nicolaus from $57.00 to $65.00 in a research note issued to investors on Monday, BenzingaRatingsTable reports. Stifel Nicolaus currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Jefferies Financial Group assumed coverage on Activision Blizzard in a research note on Thursday, July 11th. They issued a buy rating and a $56.00 price objective for the company. BidaskClub raised Activision Blizzard from a hold rating to a buy rating in a research note on Thursday, August 22nd. MKM Partners reissued a neutral rating and issued a $47.00 price objective (up previously from $45.00) on shares of Activision Blizzard in a research note on Friday, August 9th. KeyCorp reissued an overweight rating and issued a $60.00 price objective on shares of Activision Blizzard in a research note on Tuesday, July 30th. Finally, Citigroup assumed coverage on Activision Blizzard in a research note on Friday, June 7th. They issued a neutral rating and a $47.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Activision Blizzard has a consensus rating of Buy and an average price target of $61.55.

NASDAQ ATVI traded up $1.56 during trading hours on Monday, hitting $56.47. 2,041,629 shares of the company’s stock were exchanged, compared to its average volume of 9,287,605. The stock has a 50-day simple moving average of $49.35 and a 200 day simple moving average of $46.51. Activision Blizzard has a 1-year low of $39.85 and a 1-year high of $84.68. The firm has a market cap of $42.33 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 2.19 and a beta of 0.89. The company has a current ratio of 3.46, a quick ratio of 3.43 and a debt-to-equity ratio of 0.22.

Activision Blizzard (NASDAQ:ATVI) last released its earnings results on Thursday, August 8th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.20 by $0.14. Activision Blizzard had a return on equity of 15.54% and a net margin of 23.69%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the firm posted $0.41 earnings per share. The firm’s revenue was down 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Activision Blizzard will post 2 earnings per share for the current fiscal year.

In related news, insider Brian M. Stolz sold 134,845 shares of Activision Blizzard stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $47.80, for a total transaction of $6,445,591.00. Following the transaction, the insider now owns 58,563 shares of the company’s stock, valued at $2,799,311.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christopher B. Walther sold 5,333 shares of Activision Blizzard 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,844 shares of company stock worth $7,528,095. 1.31% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. Capital Investment Advisory Services LLC lifted 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 acquiring an additional 362 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in shares of Activision Blizzard in the first quarter valued at $27,000. Redhawk Wealth Advisors Inc. purchased a new position in shares of Activision Blizzard in the second quarter valued at $29,000. Freestone Capital Holdings LLC purchased a new position in shares of Activision Blizzard in the second quarter valued at $18,898,000. Finally, Thor Advisors LLC purchased a new position in shares of Activision Blizzard in the first quarter valued at $40,000. Institutional investors and hedge funds own 87.07% of the company’s stock.

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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