Wedbush Reiterates “Outperform” Rating for Activision Blizzard (ATVI)

Activision Blizzard (NASDAQ:ATVI)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a note issued to investors on Monday, April 1st. They presently have a $60.00 target price on the stock. Wedbush’s price objective indicates a potential upside of 28.34% from the company’s current price.

Several other brokerages also recently weighed in on ATVI. Benchmark cut their price target on shares of Activision Blizzard from $93.00 to $87.00 and set a “buy” rating on the stock in a report on Friday, January 11th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target (down previously from $90.00) on shares of Activision Blizzard in a report on Friday, December 14th. Gabelli initiated coverage on shares of Activision Blizzard in a report on Tuesday, December 4th. They issued a “buy” rating and a $64.00 price target on the stock. Barclays reiterated a “buy” rating and issued a $59.00 price target on shares of Activision Blizzard in a report on Sunday, January 13th. Finally, Jefferies Financial Group set a $60.00 price target on shares of Activision Blizzard and gave the stock a “buy” rating in a report on Monday, January 14th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have given a buy rating to the company’s stock. Activision Blizzard currently has a consensus rating of “Buy” and a consensus price target of $62.04.

NASDAQ:ATVI traded up $0.24 during trading hours on Monday, hitting $46.75. 4,693,397 shares of the stock traded hands, compared to its average volume of 11,819,091. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.31 and a quick ratio of 2.29. Activision Blizzard has a 1 year low of $39.85 and a 1 year high of $84.68. The company has a market capitalization of $35.46 billion, a P/E ratio of 19.56, a P/E/G ratio of 2.27 and a beta of 0.83.

Activision Blizzard (NASDAQ:ATVI) last issued its quarterly earnings results on Tuesday, February 12th. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.08. Activision Blizzard had a net margin of 24.16% and a return on equity of 17.55%. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, sell-side analysts anticipate that Activision Blizzard will post 1.98 earnings per share for the current fiscal year.

In other news, Director Robert J. Morgado sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $42.91, for a total transaction of $643,650.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.29% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ATVI. Steinberg Global Asset Management increased its position in shares of Activision Blizzard by 8.8% during the 4th quarter. Steinberg Global Asset Management now owns 37,210 shares of the company’s stock worth $1,733,000 after purchasing an additional 3,008 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of Activision Blizzard during the 4th quarter worth about $4,634,000. Probity Advisors Inc. acquired a new stake in shares of Activision Blizzard during the 4th quarter worth about $362,000. Financial Enhancement Group LLC acquired a new position in Activision Blizzard in the 3rd quarter valued at about $575,000. Finally, Capital International Investors grew its position in Activision Blizzard by 233.8% in the 3rd quarter. Capital International Investors now owns 9,072,649 shares of the company’s stock valued at $754,754,000 after acquiring an additional 6,354,412 shares in the last quarter. Institutional investors and hedge funds own 89.05% of the company’s stock.

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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Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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