Electronic Arts Inc. (EA) Position Reduced by Private Harbour Investment Management & Counsel LLC
Private Harbour Investment Management & Counsel LLC reduced its position in shares of Electronic Arts Inc. (NASDAQ:EA) by 3.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,207 shares of the game software company’s stock after selling 550 shares during the period. Private Harbour Investment Management & Counsel LLC’s holdings in Electronic Arts were worth $1,502,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in EA. Guardian Life Insurance Co. of America boosted its position in shares of Electronic Arts by 2.9% in the first quarter. Guardian Life Insurance Co. of America now owns 1,190 shares of the game software company’s stock worth $107,000 after buying an additional 34 shares during the period. Invictus RG boosted its position in shares of Electronic Arts by 722.0% in the first quarter. Invictus RG now owns 1,307 shares of the game software company’s stock worth $117,000 after buying an additional 1,148 shares during the period. D. Scott Neal Inc. acquired a new position in shares of Electronic Arts during the second quarter worth $120,000. Commerce Bank acquired a new position in shares of Electronic Arts during the first quarter worth $203,000. Finally, Intrust Bank NA acquired a new position in shares of Electronic Arts during the first quarter worth $204,000. Hedge funds and other institutional investors own 97.31% of the company’s stock.
Shares of Electronic Arts Inc. (NASDAQ:EA) traded down 0.76% on Friday, reaching $116.93. 2,206,081 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $114.74 and its 200-day moving average price is $101.99. Electronic Arts Inc. has a 52-week low of $73.74 and a 52-week high of $120.45. The stock has a market cap of $36.10 billion, a P/E ratio of 31.31 and a beta of 0.72.
Electronic Arts (NASDAQ:EA) last announced its quarterly earnings results on Thursday, July 27th. The game software company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.22. The firm had revenue of $775 million for the quarter, compared to the consensus estimate of $768.47 million. Electronic Arts had a return on equity of 29.77% and a net margin of 23.31%. The company’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.07 earnings per share. Equities analysts forecast that Electronic Arts Inc. will post $4.24 EPS for the current fiscal year.
Electronic Arts declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 9th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the game software company to buy up to 45% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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Several equities analysts recently weighed in on the stock. Needham & Company LLC assumed coverage on shares of Electronic Arts in a report on Monday, July 17th. They set a “buy” rating and a $130.00 target price on the stock. Vetr upgraded shares of Electronic Arts from a “hold” rating to a “buy” rating and set a $99.98 price objective on the stock in a report on Monday, May 8th. Jefferies Group LLC reiterated a “buy” rating and issued a $135.00 price objective (up previously from $123.00) on shares of Electronic Arts in a report on Friday, July 28th. Bank of America Corporation reiterated a “neutral” rating and issued a $104.00 price objective on shares of Electronic Arts in a report on Monday, May 8th. Finally, Credit Suisse Group boosted their price objective on shares of Electronic Arts from $109.00 to $114.00 and gave the stock an “outperform” rating in a report on Wednesday, May 10th. Four investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $115.97.
In other news, Director Lawrence F. Probst III sold 68,072 shares of Electronic Arts stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $118.83, for a total value of $8,088,995.76. Following the transaction, the director now directly owns 176,348 shares in the company, valued at approximately $20,955,432.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Wilson sold 100,000 shares of Electronic Arts stock in a transaction on Friday, June 16th. The shares were sold at an average price of $111.31, for a total value of $11,131,000.00. Following the completion of the transaction, the chief executive officer now owns 100,000 shares in the company, valued at $11,131,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 289,689 shares of company stock valued at $32,845,950. 2.55% of the stock is owned by company insiders.
Electronic Arts Company Profile
Electronic Arts Inc develops, markets, publishes and distributes games, content and services that can be played by consumers on a range of platforms, which include consoles, personal computers (PCs), mobile phones and tablets. The Company’s games and services are based on a portfolio of intellectual property that includes established brands, such as FIFA, Madden NFL, Star Wars, Battlefield, the Sims and Need for Speed.
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