Piper Jaffray Companies Cuts Activision Blizzard (ATVI) Price Target to $55.00

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Activision Blizzard (NASDAQ:ATVI) had its price target lowered by Piper Jaffray Companies to $55.00 in a report released on Friday, The Fly reports. The brokerage currently has an overweight rating on the stock.

ATVI has been the topic of a number of other research reports. BidaskClub cut Activision Blizzard from a sell rating to a strong sell rating in a research note on Friday, November 16th. Oppenheimer dropped their price target on Activision Blizzard from $87.00 to $68.00 and set an outperform rating on the stock in a research note on Friday, November 9th. Jefferies Financial Group set a $85.00 price target on Activision Blizzard and gave the company a buy rating in a research note on Saturday, November 10th. JPMorgan Chase & Co. upgraded Activision Blizzard from a neutral rating to an overweight rating and dropped their price target for the company from $72.00 to $66.00 in a research note on Thursday, December 6th. Finally, Bank of America dropped their price target on Activision Blizzard from $77.00 to $68.00 and set a neutral rating on the stock in a research note on Friday, November 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $72.58.

NASDAQ ATVI opened at $46.54 on Friday. The company has a market capitalization of $38.79 billion, a PE ratio of 22.70, a P/E/G ratio of 1.42 and a beta of 1.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.09 and a quick ratio of 2.01. Activision Blizzard has a 12 month low of $43.71 and a 12 month high of $84.68.

Activision Blizzard (NASDAQ:ATVI) last released its quarterly earnings data on Thursday, November 8th. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.03). Activision Blizzard had a net margin of 8.07% and a return on equity of 15.44%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the company posted $0.25 EPS. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. On average, sell-side analysts forecast that Activision Blizzard will post 2.35 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Cornerstone Advisors Inc. increased its position in Activision Blizzard by 29.6% during the 3rd quarter. Cornerstone Advisors Inc. now owns 1,510 shares of the company’s stock worth $126,000 after buying an additional 345 shares during the period. Moody National Bank Trust Division increased its position in Activision Blizzard by 0.5% during the 4th quarter. Moody National Bank Trust Division now owns 100,423 shares of the company’s stock worth $4,676,000 after buying an additional 530 shares during the period. Fulton Bank N.A. increased its position in Activision Blizzard by 5.0% during the 4th quarter. Fulton Bank N.A. now owns 16,340 shares of the company’s stock worth $761,000 after buying an additional 778 shares during the period. Coastline Trust Co increased its position in Activision Blizzard by 5.4% during the 3rd quarter. Coastline Trust Co now owns 16,020 shares of the company’s stock worth $1,333,000 after buying an additional 820 shares during the period. Finally, IMS Capital Management bought a new position in Activision Blizzard during the 3rd quarter worth $69,000. Hedge funds and other institutional investors own 89.66% 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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