Zynga (ZNGA) Rating Lowered to Sell at BidaskClub
BidaskClub cut shares of Zynga (NASDAQ:ZNGA) from a hold rating to a sell rating in a research note published on Saturday.
Several other brokerages also recently issued reports on ZNGA. Zacks Investment Research downgraded shares of Zynga from a strong-buy rating to a hold rating in a research note on Saturday, January 13th. Wedbush set a $5.00 target price on shares of Zynga and gave the stock a buy rating in a research note on Wednesday, October 18th. Cowen reiterated a buy rating and issued a $4.50 target price on shares of Zynga in a research note on Thursday, October 12th. KeyCorp reiterated a hold rating on shares of Zynga in a research note on Tuesday, October 17th. Finally, Consumer Edge initiated coverage on shares of Zynga in a research note on Wednesday, January 3rd. They issued an overweight rating and a $4.50 target price on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. Zynga currently has a consensus rating of Buy and an average target price of $4.14.
Zynga (ZNGA) traded down $0.03 during trading hours on Friday, reaching $3.72. 12,799,058 shares of the company traded hands, compared to its average volume of 11,337,884. Zynga has a 1-year low of $2.40 and a 1-year high of $4.34. The company has a market capitalization of $3,238.42, a price-to-earnings ratio of -186.00, a P/E/G ratio of 2.73 and a beta of 0.76.
In other Zynga news, insider Bernard Jin Kim sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $3.94, for a total transaction of $197,000.00. Following the completion of the sale, the insider now directly owns 349,450 shares of the company’s stock, valued at $1,376,833. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ellen F. Siminoff sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $3.97, for a total transaction of $47,640.00. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $1,009,000 over the last three months. 12.43% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its holdings in Zynga by 23.2% during the second quarter. The Manufacturers Life Insurance Company now owns 30,835 shares of the company’s stock valued at $112,000 after buying an additional 5,815 shares during the last quarter. Crow Point Partners LLC purchased a new stake in Zynga during the fourth quarter valued at approximately $114,000. Dynamic Technology Lab Private Ltd purchased a new stake in Zynga during the third quarter valued at approximately $150,000. Prudential Financial Inc. increased its holdings in Zynga by 9.1% during the second quarter. Prudential Financial Inc. now owns 44,500 shares of the company’s stock valued at $162,000 after buying an additional 3,700 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in Zynga during the second quarter valued at approximately $170,000. 70.46% of the stock is owned by institutional investors and hedge funds.
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Zynga Inc is a provider of social game services. The Company develops, markets and operates social games as live services played on mobile platforms, such as iPhone Operating System (iOS) operating system and Android operating system and social networking sites, such as Facebook. The Company has developed a range of social games, including games in its Slots, Words With Friends, Zynga Poker and FarmVille franchises.
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