Zynga (ZNGA) Price Target Increased to $6.50 by Analysts at Bank of America

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Zynga (NASDAQ:ZNGA) had its price objective lifted by Bank of America from $5.50 to $6.50 in a research note released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group upped their target price on Zynga from $5.75 to $7.00 and gave the company a buy rating in a research report on Thursday. Benchmark reissued a buy rating and issued a $8.00 target price (up from $5.00) on shares of Zynga in a research report on Thursday. Stephens upped their target price on Zynga from $5.25 to $6.50 and gave the company an equal weight rating in a research report on Thursday. Piper Jaffray Companies upped their target price on Zynga from $6.00 to $7.25 and gave the company an overweight rating in a research report on Thursday. Finally, Robert W. Baird raised Zynga from a neutral rating to an outperform rating and upped their target price for the company from $5.00 to $8.00 in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $6.35.

Shares of ZNGA stock traded up $0.21 during trading hours on Thursday, reaching $6.03. 33,618,589 shares of the company’s stock were exchanged, compared to its average volume of 15,289,279. The company has a market cap of $5.24 billion, a PE ratio of 301.50, a PEG ratio of 1.91 and a beta of 0.42. Zynga has a fifty-two week low of $3.32 and a fifty-two week high of $6.28.

Zynga (NASDAQ:ZNGA) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.17). The business had revenue of $265.00 million for the quarter, compared to analyst estimates of $255.45 million. Zynga had a return on equity of 1.14% and a net margin of 1.70%. The business’s revenue for the quarter was up 27.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 earnings per share. As a group, sell-side analysts forecast that Zynga will post 0.13 earnings per share for the current year.

In other news, COO Matthew S. Bromberg sold 41,500 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $5.38, for a total transaction of $223,270.00. Following the sale, the chief operating officer now directly owns 571,362 shares of the company’s stock, valued at approximately $3,073,927.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jeffrey Miles Ryan sold 36,798 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $5.35, for a total transaction of $196,869.30. Following the sale, the insider now directly owns 57,970 shares in the company, valued at $310,139.50. The disclosure for this sale can be found here. Insiders have sold a total of 3,095,503 shares of company stock worth $16,878,435 over the last ninety days. 9.40% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC boosted its stake in shares of Zynga by 1,171.4% during the 4th quarter. Parallel Advisors LLC now owns 8,480 shares of the company’s stock worth $33,000 after acquiring an additional 7,813 shares in the last quarter. Enlightenment Research LLC purchased a new stake in shares of Zynga during the 4th quarter worth about $46,000. Suntrust Banks Inc. purchased a new stake in shares of Zynga during the 4th quarter worth about $48,000. Point View Wealth Management Inc. purchased a new stake in shares of Zynga during the 4th quarter worth about $54,000. Finally, AdvisorNet Financial Inc boosted its stake in shares of Zynga by 18.0% during the 4th quarter. AdvisorNet Financial Inc now owns 14,060 shares of the company’s stock worth $55,000 after acquiring an additional 2,149 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Zynga Company Profile

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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Analyst Recommendations for Zynga (NASDAQ:ZNGA)

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