Piper Jaffray Companies Raises Activision Blizzard (NASDAQ:ATVI) Price Target to $62.00

Activision Blizzard (NASDAQ:ATVI) had its price target boosted by Piper Jaffray Companies from $55.00 to $62.00 in a report published on Wednesday, BenzingaRatingsTable reports. They currently have an overweight rating on the stock.

ATVI has been the topic of several other research reports. TheStreet raised Activision Blizzard from a c+ rating to a b- rating in a research report on Tuesday, August 13th. Credit Suisse Group cut their price target on Activision Blizzard from $65.00 to $64.00 and set an outperform rating on the stock in a research report on Thursday, August 8th. KeyCorp reaffirmed an overweight rating and set a $60.00 price target on shares of Activision Blizzard in a research report on Tuesday, July 30th. Wedbush reaffirmed an outperform rating and set a $60.00 price target on shares of Activision Blizzard in a research report on Friday, August 9th. Finally, Citigroup began coverage on Activision Blizzard in a research report on Friday, June 7th. They set a neutral rating and a $47.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Activision Blizzard has a consensus rating of Buy and a consensus price target of $62.23.

ATVI opened at $54.76 on Wednesday. The firm has a market cap of $42.28 billion, a price-to-earnings ratio of 23.97, a price-to-earnings-growth ratio of 2.14 and a beta of 0.89. Activision Blizzard has a 52 week low of $39.85 and a 52 week high of $84.68. The business’s 50 day moving average is $50.54 and its two-hundred day moving average is $47.04. The company has a quick ratio of 3.43, a current ratio of 3.46 and a debt-to-equity ratio of 0.22.

Activision Blizzard (NASDAQ:ATVI) last released its quarterly 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. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Activision Blizzard had a return on equity of 15.54% and a net margin of 23.69%. The firm’s revenue was down 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. Equities analysts expect that Activision Blizzard will post 2 EPS for the current fiscal year.

In related news, insider Christopher B. Walther sold 5,333 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $50.83, for a total transaction of $271,076.39. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Christopher B. Walther sold 11,333 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $47.91, for a total value of $542,964.03. The disclosure for this sale can be found here. In the last three months, insiders sold 156,844 shares of company stock worth $7,528,095. Corporate insiders own 1.29% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Cornerstone Advisors Inc. boosted its position in Activision Blizzard by 13.1% during the second quarter. Cornerstone Advisors Inc. now owns 1,972 shares of the company’s stock worth $93,000 after purchasing an additional 229 shares in the last quarter. Dowling & Yahnke LLC boosted its position in Activision Blizzard by 1.0% during the second quarter. Dowling & Yahnke LLC now owns 26,404 shares of the company’s stock worth $1,246,000 after purchasing an additional 258 shares in the last quarter. Executive Wealth Management LLC boosted its position in Activision Blizzard by 42.5% during the second quarter. Executive Wealth Management LLC now owns 1,026 shares of the company’s stock worth $48,000 after purchasing an additional 306 shares in the last quarter. Pitcairn Co. boosted its position in Activision Blizzard by 6.1% during the second quarter. Pitcairn Co. now owns 6,223 shares of the company’s stock worth $294,000 after purchasing an additional 358 shares in the last quarter. Finally, Capital Investment Advisory Services LLC boosted its position 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. 86.97% of the stock is currently owned by hedge funds and other institutional investors.

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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