Zynga (ZNGA) Cut to “Hold” at Zacks Investment Research

Zynga (NASDAQ:ZNGA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Saturday.

According to Zacks, “Zynga Inc. is the world’s largest social game developer with users playing their games which include CityVille, FarmVille, FrontierVille, Words With Friends, Mafia Wars, Zynga Poker, Cafe World, and Treasure Isle. Zynga Inc. games are available on a number of global platforms including Facebook, MySpace, Yahoo, the iPad, the iPhone and Android devices. They operate their games as live services, by which they mean that they continue to support and update games after launch and gather daily, metrics-based player feedback that enable them to continually enhance their games by adding new content and features. All of their games are free to play, and they generate revenue through the in-game sale of virtual goods and advertising. “

Several other analysts have also issued reports on the company. Consumer Edge assumed coverage on Zynga in a research note on Wednesday, January 3rd. They issued an “overweight” rating and a $4.50 target price for the company. BidaskClub lowered Zynga from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Wedbush set a $5.00 price objective on Zynga and gave the company a “buy” rating in a research note on Wednesday, October 18th. KeyCorp reissued a “hold” rating on shares of Zynga in a research note on Tuesday, October 17th. Finally, Cowen reissued a “buy” rating and set a $4.50 price objective on shares of Zynga in a research note on Thursday, October 12th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $4.14.

Shares of Zynga (NASDAQ ZNGA) remained flat at $$3.97 on Friday. The company had a trading volume of 7,703,869 shares, compared to its average volume of 8,730,000. The firm has a market cap of $3,460.00, a PE ratio of -132.33, a price-to-earnings-growth ratio of 2.92 and a beta of 0.76. Zynga has a 1 year low of $2.40 and a 1 year high of $4.34.

Zynga (NASDAQ:ZNGA) last issued its earnings results on Tuesday, November 7th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. The business had revenue of $224.60 million during the quarter, compared to analyst estimates of $211.98 million. Zynga had a negative return on equity of 1.37% and a negative net margin of 2.65%. Zynga’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. equities analysts anticipate that Zynga will post 0.02 EPS for the current fiscal year.

In related news, Director Ellen F. Siminoff sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $3.97, for a total transaction of $47,640.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Matthew S. Bromberg sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $3.95, for a total value of $197,500.00. Following the transaction, the chief operating officer now owns 294,206 shares of the company’s stock, valued at approximately $1,162,113.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 236,000 shares of company stock valued at $930,600. Insiders own 12.43% of the company’s stock.

Several institutional investors have recently made changes to their positions in ZNGA. The Manufacturers Life Insurance Company raised its holdings in shares of 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 acquiring an additional 5,815 shares in the last quarter. Crow Point Partners LLC bought a new position in shares of Zynga during the fourth quarter valued at approximately $114,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Zynga during the third quarter valued at approximately $150,000. Prudential Financial Inc. raised its holdings in shares of 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 acquiring an additional 3,700 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new position in shares of Zynga during the second quarter valued at approximately $170,000. Institutional investors own 70.45% of the company’s stock.

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Zynga Company Profile

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.

Analyst Recommendations for Zynga (NASDAQ:ZNGA)

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