Zynga (ZNGA) Reaches New 1-Year High at $6.31

Zynga Inc (NASDAQ:ZNGA) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $6.31 and last traded at $6.22, with a volume of 635573 shares traded. The stock had previously closed at $6.19.

A number of brokerages have recently issued reports on ZNGA. Stephens increased their price target on shares of Zynga from $5.25 to $6.50 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Benchmark reissued a “buy” rating and issued a $8.00 price target (up from $5.00) on shares of Zynga in a report on Thursday, May 2nd. KeyCorp increased their price target on shares of Zynga from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Monday, April 29th. Bank of America increased their price target on shares of Zynga from $5.50 to $6.50 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Finally, Wedbush increased their price target on shares of Zynga from $6.40 to $7.50 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $6.35.

The company has a market cap of $5.78 billion, a price-to-earnings ratio of 311.50, a P/E/G ratio of 1.91 and a beta of 0.43.

Zynga (NASDAQ:ZNGA) last announced its earnings results on Wednesday, May 1st. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.17). The company had revenue of $265.00 million during the quarter, compared to analysts’ expectations of $255.45 million. Zynga had a negative net margin of 12.34% and a negative return on equity of 7.09%. The company’s revenue for the quarter was up 27.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.01 earnings per share. On average, sell-side analysts expect that Zynga Inc will post 0.14 EPS for the current fiscal year.

In other Zynga news, COO Matthew S. Bromberg sold 41,500 shares of the stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $4.99, for a total transaction of $207,085.00. Following the transaction, the chief operating officer now directly owns 595,818 shares in the company, valued at $2,973,131.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffrey Miles Ryan sold 36,798 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $5.35, for a total transaction of $196,869.30. Following the transaction, the insider now owns 57,970 shares in the company, valued at $310,139.50. The disclosure for this sale can be found here. Insiders sold 3,137,003 shares of company stock worth $17,132,000 over the last ninety days. 9.40% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC grew its position in Zynga by 1,171.4% during the fourth quarter. Parallel Advisors LLC now owns 8,480 shares of the company’s stock valued at $33,000 after acquiring an additional 7,813 shares during the last quarter. Buckingham Asset Management LLC bought a new position in Zynga during the first quarter valued at approximately $61,000. Enlightenment Research LLC bought a new position in Zynga during the fourth quarter valued at approximately $46,000. Suntrust Banks Inc. bought a new position in Zynga during the fourth quarter valued at approximately $48,000. Finally, Marathon Trading Investment Management LLC bought a new position in Zynga during the first quarter valued at approximately $67,000. Institutional investors and hedge funds own 76.66% of the company’s stock.

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About Zynga (NASDAQ:ZNGA)

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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