Point72 Asset Management L.P. lowered its stake in Zynga Inc (NASDAQ:ZNGA) by 64.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,542,600 shares of the company’s stock after selling 2,770,200 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.16% of Zynga worth $9,456,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Machina Capital S.A.S. acquired a new stake in shares of Zynga in the second quarter valued at about $27,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Zynga in the second quarter valued at about $30,000. Atria Investments LLC acquired a new stake in shares of Zynga in the second quarter valued at about $34,000. Cornerstone Advisors Inc. acquired a new stake in shares of Zynga in the second quarter valued at about $35,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Zynga in the second quarter valued at about $37,000. 71.37% of the stock is currently owned by institutional investors and hedge funds.
In other news, COO Matthew S. Bromberg sold 41,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $6.30, for a total value of $261,450.00. Following the transaction, the chief operating officer now owns 659,146 shares of the company’s stock, valued at $4,152,619.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ellen F. Siminoff sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $6.11, for a total value of $30,550.00. Following the completion of the transaction, the director now directly owns 229,092 shares in the company, valued at approximately $1,399,752.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 88,000 shares of company stock worth $527,720. Company insiders own 9.40% of the company’s stock.
Zynga (NASDAQ:ZNGA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.09). The business had revenue of $306.50 million for the quarter, compared to analyst estimates of $293.18 million. Zynga had a negative return on equity of 10.42% and a negative net margin of 16.50%. Zynga’s revenue was up 41.2% compared to the same quarter last year. On average, analysts forecast that Zynga Inc will post 0.13 earnings per share for the current year.
A number of research firms recently issued reports on ZNGA. Jefferies Financial Group began coverage on Zynga in a research report on Thursday, July 11th. They issued a “buy” rating and a $7.50 target price on the stock. Morgan Stanley set a $7.00 target price on Zynga and gave the company a “buy” rating in a research report on Monday, July 15th. ValuEngine raised Zynga from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. Stephens raised Zynga from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $6.50 to $8.25 in a research report on Thursday, May 30th. Finally, Bank of America boosted their price target on Zynga from $6.60 to $6.70 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company. Zynga has an average rating of “Buy” and a consensus price target of $6.82.
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.
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