Wedbush Raises Zynga (NASDAQ:ZNGA) Price Target to $9.00

Zynga (NASDAQ:ZNGA) had its price target upped by Wedbush from $7.50 to $9.00 in a report released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts also recently commented on the stock. Morgan Stanley set a $7.00 price objective on shares of Zynga and gave the company a buy rating in a research note on Monday, July 15th. Jefferies Financial Group assumed coverage on shares of Zynga in a research note on Thursday, July 11th. They set a buy rating and a $7.50 price objective for the company. Piper Jaffray Companies upped their price objective on shares of Zynga from $6.00 to $7.25 and gave the company an overweight rating in a research note on Thursday, May 2nd. Stephens raised shares of Zynga from an equal weight rating to an overweight rating and upped their price objective for the company from $6.50 to $8.25 in a research note on Thursday, May 30th. Finally, Bank of America upped their price objective on shares of Zynga from $6.60 to $6.70 and gave the company a neutral rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $6.81.

NASDAQ ZNGA opened at $6.21 on Thursday. Zynga has a 12 month low of $3.32 and a 12 month high of $6.65. The company’s 50-day moving average is $6.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.71 and a current ratio of 1.99. The firm has a market cap of $5.98 billion, a P/E ratio of 310.50, a P/E/G ratio of 3.10 and a beta of 0.25.

Zynga (NASDAQ:ZNGA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.09). Zynga had a negative net margin of 16.50% and a negative return on equity of 10.42%. The company had revenue of $306.50 million for the quarter, compared to analyst estimates of $293.18 million. The firm’s quarterly revenue was up 41.2% on a year-over-year basis. On average, analysts expect that Zynga will post 0.14 EPS for the current fiscal year.

In other news, COO Matthew S. Bromberg sold 41,500 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $6.11, for a total transaction of $253,565.00. Following the completion of the sale, the chief operating officer now owns 707,203 shares in the company, valued at approximately $4,321,010.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey Miles Ryan sold 36,798 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $6.09, for a total value of $224,099.82. Following the sale, the insider now owns 10,667 shares of the company’s stock, valued at approximately $64,962.03. The disclosure for this sale can be found here. Insiders have sold a total of 161,298 shares of company stock valued at $991,435 in the last quarter. Company insiders own 9.40% of the company’s stock.

Several large investors have recently modified their holdings of ZNGA. Chicago Equity Partners LLC acquired a new position in shares of Zynga in the 2nd quarter valued at approximately $761,000. Comerica Bank raised its position in shares of Zynga by 542.2% in the 2nd quarter. Comerica Bank now owns 156,820 shares of the company’s stock valued at $977,000 after purchasing an additional 132,400 shares in the last quarter. TimesSquare Capital Management LLC raised its position in shares of Zynga by 18.2% in the 2nd quarter. TimesSquare Capital Management LLC now owns 15,672,800 shares of the company’s stock valued at $96,074,000 after purchasing an additional 2,416,500 shares in the last quarter. Columbus Circle Investors raised its position in shares of Zynga by 48.3% in the 2nd quarter. Columbus Circle Investors now owns 2,510,231 shares of the company’s stock valued at $15,388,000 after purchasing an additional 817,295 shares in the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Zynga in the 2nd quarter valued at approximately $957,000. Institutional investors and hedge funds own 73.45% of the company’s stock.

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.

Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks

Analyst Recommendations for Zynga (NASDAQ:ZNGA)

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