Pictet Asset Management Ltd. Sells 2,490,431 Shares of Zynga Inc (NASDAQ:ZNGA)

Pictet Asset Management Ltd. lowered its holdings in shares of Zynga Inc (NASDAQ:ZNGA) by 44.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,120,245 shares of the company’s stock after selling 2,490,431 shares during the period. Pictet Asset Management Ltd. owned about 0.33% of Zynga worth $19,127,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its position in Zynga by 1,172.6% during the 2nd quarter. Renaissance Technologies LLC now owns 19,411,800 shares of the company’s stock valued at $118,994,000 after buying an additional 17,886,400 shares during the period. TimesSquare Capital Management LLC boosted its position in 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 buying an additional 9,217,100 shares during the period. Fiera Capital Corp boosted its position in Zynga by 943.2% during the 2nd quarter. Fiera Capital Corp now owns 6,204,942 shares of the company’s stock valued at $38,036,000 after buying an additional 5,610,160 shares during the period. First Trust Advisors LP boosted its position in 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 buying an additional 2,958,148 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Zynga by 83.5% during the 2nd quarter. Wells Fargo & Company MN now owns 4,772,923 shares of the company’s stock valued at $29,258,000 after buying an additional 2,172,148 shares during the period. 72.41% of the stock is currently owned by institutional investors.

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

ZNGA has been the subject of several analyst reports. Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of Zynga in a research report on Tuesday, August 27th. Robert W. Baird set a $8.00 price target on shares of Zynga and gave the company a “buy” rating in a research report on Thursday, August 29th. ValuEngine cut shares of Zynga from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Jefferies Financial Group initiated coverage on shares of Zynga in a research report on Thursday, July 11th. They set a “buy” rating and a $7.50 price target for the company. Finally, Stephens raised shares of Zynga from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $6.50 to $8.25 in a research report on Thursday, May 30th. Two 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. The company has a consensus rating of “Buy” and a consensus target price of $6.81.

Shares of NASDAQ:ZNGA traded up $0.05 on Friday, hitting $5.93. The company had a trading volume of 732,197 shares, compared to its average volume of 18,889,932. The firm’s 50-day simple moving average is $5.92 and its two-hundred day simple moving average is $5.82. Zynga Inc has a 1 year low of $3.32 and a 1 year high of $6.65. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 296.25, a P/E/G ratio of 2.93 and a beta of 0.31.

Zynga (NASDAQ:ZNGA) last posted its earnings results on Wednesday, July 31st. The company reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.09). Zynga had a negative return on equity of 10.42% and a negative net margin of 16.50%. The company had revenue of $306.50 million during the quarter, compared to analysts’ expectations of $293.18 million. The firm’s revenue for the quarter was up 41.2% on a year-over-year basis. Equities research analysts anticipate that Zynga Inc will post 0.13 EPS for the current year.

Zynga Profile

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.

Read More: Dividend Reinvestment Plan (DRIP)

Institutional Ownership by Quarter for Zynga (NASDAQ:ZNGA)

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