Activision Blizzard (NASDAQ:ATVI) Raised to Buy at Jefferies Financial Group

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Activision Blizzard (NASDAQ:ATVI) was upgraded by equities research analysts at Jefferies Financial Group to a “buy” rating in a research report issued on Thursday, TipRanks reports. The brokerage currently has a $65.00 target price on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 16.18% from the company’s previous close. Jefferies Financial Group also issued estimates for Activision Blizzard’s Q4 2019 earnings at $1.25 EPS, FY2019 earnings at $2.05 EPS and FY2020 earnings at $2.49 EPS.

Several other analysts have also commented on the stock. TheStreet raised shares of Activision Blizzard from a “c+” rating to a “b-” rating in a research report on Tuesday, August 13th. BidaskClub raised shares of Activision Blizzard from a “hold” rating to a “buy” rating in a research report on Thursday, August 22nd. SunTrust Banks increased their price target on shares of Activision Blizzard from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Nomura raised shares of Activision Blizzard from a “neutral” rating to a “buy” rating and increased their price target for the company from $49.00 to $64.00 in a research report on Thursday. Finally, Bank of America increased their price target on shares of Activision Blizzard from $57.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday. Eight analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $62.00.

Activision Blizzard stock traded up $0.50 during midday trading on Thursday, hitting $55.95. 5,856,271 shares of the company’s stock were exchanged, compared to its average volume of 7,419,268. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.43 and a current ratio of 3.46. Activision Blizzard has a 12 month low of $39.85 and a 12 month high of $84.68. The firm has a 50-day moving average of $49.53 and a two-hundred day moving average of $46.58. The company has a market cap of $42.53 billion, a PE ratio of 23.41, a P/E/G ratio of 2.20 and a beta of 0.89.

Activision Blizzard (NASDAQ:ATVI) last issued its earnings results on Thursday, August 8th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.14. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Activision Blizzard had a net margin of 23.69% and a return on equity of 15.54%. The firm’s quarterly revenue was down 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. As a group, equities analysts expect that Activision Blizzard will post 2 earnings per share for the current year.

In other Activision Blizzard news, insider Brian M. Stolz sold 134,845 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $47.80, for a total value of $6,445,591.00. Following the transaction, the insider now owns 58,563 shares in the company, valued at approximately $2,799,311.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher B. Walther sold 5,333 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $50.34, for a total value of $268,463.22. The disclosure for this sale can be found here. Insiders sold a total of 156,844 shares of company stock worth $7,528,095 in the last three months. 1.29% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. River & Mercantile Asset Management LLP purchased a new position in shares of Activision Blizzard during the 2nd quarter worth $577,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Activision Blizzard by 6.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 271,487 shares of the company’s stock worth $12,814,000 after acquiring an additional 17,392 shares during the period. Harvey Partners LLC raised its holdings in shares of Activision Blizzard by 4.7% during the 2nd quarter. Harvey Partners LLC now owns 45,000 shares of the company’s stock worth $2,124,000 after acquiring an additional 2,000 shares during the period. Boston Partners raised its holdings in shares of Activision Blizzard by 137.6% during the 2nd quarter. Boston Partners now owns 3,710,600 shares of the company’s stock worth $175,148,000 after acquiring an additional 2,148,773 shares during the period. Finally, Toronto Dominion Bank raised its holdings in shares of Activision Blizzard by 9.7% during the 2nd quarter. Toronto Dominion Bank now owns 684,078 shares of the company’s stock worth $32,282,000 after acquiring an additional 60,720 shares during the period. Institutional investors and hedge funds own 87.07% 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. It 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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Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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