Activision Blizzard (ATVI) Downgraded by TheStreet to C+

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TheStreet cut shares of Activision Blizzard (NASDAQ:ATVI) from a b rating to a c+ rating in a research note released on Thursday.

A number of other research analysts also recently issued reports on the company. Needham & Company LLC raised their price target on Activision Blizzard from $80.00 to $90.00 and gave the stock a buy rating in a research note on Tuesday, July 31st. Wedbush raised their price target on Activision Blizzard from $85.00 to $100.00 and gave the stock an outperform rating in a research note on Monday, October 1st. Bank of America downgraded Activision Blizzard from a buy rating to a neutral rating and dropped their price target for the stock from $84.00 to $77.00 in a research note on Friday, August 31st. BidaskClub upgraded Activision Blizzard from a hold rating to a buy rating in a research note on Saturday, September 29th. Finally, Piper Jaffray Companies reiterated an overweight rating and issued a $88.00 target price on shares of Activision Blizzard in a research note on Wednesday, September 26th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $77.62.

NASDAQ:ATVI traded down $7.78 during mid-day trading on Thursday, reaching $55.01. 34,539,389 shares of the stock were exchanged, compared to its average volume of 9,550,354. The company has a market capitalization of $49.63 billion, a PE ratio of 26.83, a P/E/G ratio of 1.73 and a beta of 1.11. The company has a quick ratio of 2.96, a current ratio of 2.98 and a debt-to-equity ratio of 0.42. Activision Blizzard has a 1 year low of $53.50 and a 1 year high of $84.68.

Activision Blizzard (NASDAQ:ATVI) last released its quarterly earnings results on Thursday, November 8th. The company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Activision Blizzard had a return on equity of 16.39% and a net margin of 6.96%. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS. As a group, sell-side analysts anticipate that Activision Blizzard will post 2.49 EPS for the current fiscal year.

In other news, CEO Riccardo Zacconi sold 19,761 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $68.70, for a total value of $1,357,580.70. Following the completion of the sale, the chief executive officer now directly owns 20,324 shares of the company’s stock, valued at approximately $1,396,258.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.29% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of ATVI. Xact Kapitalforvaltning AB lifted its holdings in shares of Activision Blizzard by 3.8% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 159,450 shares of the company’s stock valued at $12,169,000 after buying an additional 5,888 shares during the period. Gofen & Glossberg LLC IL acquired a new stake in shares of Activision Blizzard in the 2nd quarter valued at approximately $905,000. Bremer Trust National Association acquired a new stake in shares of Activision Blizzard in the 2nd quarter valued at approximately $258,000. Peregrine Capital Management LLC lifted its holdings in shares of Activision Blizzard by 0.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 243,301 shares of the company’s stock valued at $18,569,000 after buying an additional 735 shares during the period. Finally, Palo Capital Inc. acquired a new stake in shares of Activision Blizzard in the 2nd quarter valued at approximately $622,000. 86.92% of the stock is owned by institutional investors and hedge funds.

About Activision Blizzard

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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