Zynga (NASDAQ:ZNGA) Downgraded by Truist Securities

Truist Securities cut shares of Zynga (NASDAQ:ZNGA) from a buy rating to a hold rating in a report released on Wednesday, Analyst Ratings Network reports. The firm currently has $10.00 target price on the stock. Truist Securities also issued estimates for Zynga’s FY2021 earnings at $0.24 EPS and FY2022 earnings at $0.29 EPS.

Several other equities research analysts have also commented on ZNGA. JPMorgan Chase & Co. dropped their price target on shares of Zynga from $12.00 to $10.00 and set an overweight rating on the stock in a research note on Thursday, December 2nd. Barclays decreased their price objective on shares of Zynga from $12.00 to $10.00 and set an overweight rating for the company in a report on Tuesday, November 9th. KeyCorp decreased their price objective on shares of Zynga from $11.00 to $10.00 and set an overweight rating for the company in a report on Friday, October 8th. Robert W. Baird decreased their price objective on shares of Zynga from $14.00 to $10.00 and set an outperform rating for the company in a report on Tuesday, December 14th. Finally, Credit Suisse Group upgraded shares of Zynga from an underperform rating to a neutral rating and raised their target price for the stock from $9.00 to $9.86 in a report on Tuesday. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $11.28.

ZNGA opened at $8.96 on Wednesday. The company’s 50-day moving average price is $6.75 and its 200 day moving average price is $8.03. Zynga has a fifty-two week low of $5.57 and a fifty-two week high of $12.32. The firm has a market cap of $10.04 billion, a price-to-earnings ratio of -99.54 and a beta of 0.14. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.44.

Zynga (NASDAQ:ZNGA) last announced its quarterly earnings results on Monday, November 8th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.03). Zynga had a negative net margin of 3.30% and a positive return on equity of 4.35%. The firm had revenue of $704.70 million during the quarter, compared to analyst estimates of $658.88 million. During the same quarter in the previous year, the business posted ($0.06) EPS. Zynga’s revenue for the quarter was up 40.0% compared to the same quarter last year. Research analysts anticipate that Zynga will post 0.24 earnings per share for the current year.

In other news, CFO James Gerard Griffin sold 52,636 shares of the firm’s stock in a transaction on Thursday, October 21st. The shares were sold at an average price of $8.00, for a total transaction of $421,088.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ellen F. Siminoff sold 5,000 shares of the firm’s stock in a transaction on Wednesday, December 15th. The shares were sold at an average price of $6.18, for a total transaction of $30,900.00. The disclosure for this sale can be found here. 8.30% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC acquired a new position in Zynga in the 4th quarter valued at $158,000. DNB Asset Management AS grew its stake in Zynga by 100.0% in the 4th quarter. DNB Asset Management AS now owns 5,076,396 shares of the company’s stock valued at $32,489,000 after buying an additional 2,537,896 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in Zynga in the 3rd quarter valued at $3,765,000. CLARET ASSET MANAGEMENT Corp acquired a new position in Zynga in the 3rd quarter valued at $102,000. Finally, Balyasny Asset Management LLC acquired a new position in Zynga in the 3rd quarter valued at $20,638,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

Zynga Company Profile

Zynga, Inc provides social game services. It develops, markets and operates social games as live services played on mobile platforms such as Apple’s iOS operating system and Google’s Android operating system, and social networking sites such as Facebook. It offers Chess with Friends, Crazy Cake Swap, Draw Something, FarmVille, Gems with Friends, Ice Age: Arctic Blast, Looney Tunes Dash, Speed Guess Something, What’s The Phrase, Wizard of Oz Magic Match, Yummy Gummy, Free Slots, Black Diamond Casino, Hit It Rich, Zynga Poker and Willy Wonka Slots.

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Analyst Recommendations for Zynga (NASDAQ:ZNGA)

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