KeyCorp Trims Activision Blizzard (ATVI) Target Price to $85.00

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Activision Blizzard (NASDAQ:ATVI) had its target price cut by KeyCorp from $90.00 to $85.00 in a report issued on Wednesday morning, The Fly reports. They currently have an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. BidaskClub cut shares of Activision Blizzard from a strong-buy rating to a buy rating in a report on Wednesday, July 25th. Needham & Company LLC upped their target price on shares of Activision Blizzard from $80.00 to $90.00 and gave the company a buy rating in a report on Tuesday, July 31st. Wedbush set a $81.00 target price on shares of Activision Blizzard and gave the company a buy rating in a report on Thursday, July 26th. Zacks Investment Research raised shares of Activision Blizzard from a hold rating to a buy rating and set a $87.00 target price on the stock in a report on Wednesday, July 4th. Finally, Argus reaffirmed a buy rating and issued a $90.00 target price (up from $81.00) on shares of Activision Blizzard in a report on Friday, September 21st. Ten analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $81.53.

Shares of ATVI stock traded up $0.38 on Wednesday, reaching $69.43. The stock had a trading volume of 3,555,798 shares, compared to its average volume of 8,578,232. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.96 and a current ratio of 2.98. The stock has a market cap of $51.45 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 1.80 and a beta of 0.86. Activision Blizzard has a 12 month low of $57.29 and a 12 month high of $84.68.

Activision Blizzard (NASDAQ:ATVI) last issued its earnings results on Thursday, August 2nd. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.11. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Activision Blizzard had a net margin of 6.96% and a return on equity of 16.39%. Activision Blizzard’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 EPS. Sell-side analysts predict that Activision Blizzard will post 2.49 EPS for the current fiscal year.

In related news, CEO Riccardo Zacconi sold 19,761 shares of the company’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $68.70, for a total value of $1,357,580.70. Following the transaction, the chief executive officer now owns 20,324 shares in the company, valued at approximately $1,396,258.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.29% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Altman Advisors Inc. acquired a new position in Activision Blizzard in the 2nd quarter valued at about $323,000. Asset Advisors Investment Management LLC acquired a new position in Activision Blizzard in the 3rd quarter valued at about $100,000. Ashburton Jersey Ltd acquired a new position in Activision Blizzard in the 2nd quarter valued at about $107,000. Quad Cities Investment Group LLC acquired a new position in Activision Blizzard in the 2nd quarter valued at about $114,000. Finally, NuWave Investment Management LLC acquired a new position in shares of Activision Blizzard during the 2nd quarter worth approximately $121,000. Institutional investors and hedge funds own 86.99% of the company’s stock.

Activision Blizzard Company Profile

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. The company develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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