Paloma Partners Management Co Makes New $10.54 Million Investment in Zynga Inc (NASDAQ:ZNGA)

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Paloma Partners Management Co purchased a new position in Zynga Inc (NASDAQ:ZNGA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,719,699 shares of the company’s stock, valued at approximately $10,542,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Zynga by 1.7% in the second quarter. Vanguard Group Inc. now owns 74,896,553 shares of the company’s stock worth $459,116,000 after purchasing an additional 1,274,882 shares during the last quarter. BlackRock Inc. raised its stake in shares of Zynga by 1.1% in the first quarter. BlackRock Inc. now owns 67,298,044 shares of the company’s stock worth $358,697,000 after purchasing an additional 708,261 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Zynga by 13.0% in the first quarter. First Trust Advisors LP now owns 25,671,314 shares of the company’s stock worth $136,828,000 after purchasing an additional 2,958,148 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Zynga by 1,172.6% in the second quarter. Renaissance Technologies LLC now owns 19,411,800 shares of the company’s stock worth $118,994,000 after purchasing an additional 17,886,400 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Zynga by 592.1% in the second quarter. Invesco Ltd. now owns 19,295,680 shares of the company’s stock worth $118,283,000 after purchasing an additional 16,507,732 shares during the last quarter. 71.26% of the stock is owned by institutional investors and hedge funds.

ZNGA traded up $0.07 during trading on Thursday, hitting $6.11. The company’s stock had a trading volume of 1,386,446 shares, compared to its average volume of 17,406,586. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.33. Zynga Inc has a twelve month low of $3.32 and a twelve month high of $6.65. The business’s fifty day simple moving average is $5.86 and its 200 day simple moving average is $5.85. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 305.50, a P/E/G ratio of 3.00 and a beta of 0.31.

Zynga (NASDAQ:ZNGA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.06) EPS for the quarter, missing the 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 business had revenue of $306.50 million during the quarter, compared to analyst estimates of $293.18 million. Zynga’s quarterly revenue was up 41.2% compared to the same quarter last year. As a group, equities research analysts forecast that Zynga Inc will post 0.13 earnings per share for the current fiscal year.

Several research analysts have recently issued reports on the company. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of Zynga in a research note on Tuesday, August 27th. Morgan Stanley set a $7.00 price objective on Zynga and gave the stock a “buy” rating in a research note on Monday, July 15th. Stephens upgraded Zynga from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $6.50 to $8.25 in a research report on Thursday, May 30th. Robert W. Baird set a $8.00 price target on Zynga and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, Bank of America lifted their price target on Zynga from $6.60 to $6.70 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $6.82.

In other Zynga news, COO Matthew S. Bromberg sold 41,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $5.68, for a total value of $235,720.00. Following the sale, the chief operating officer now directly owns 631,458 shares of the company’s stock, valued at $3,586,681.44. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.40% of the stock is currently owned by company insiders.

Zynga 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: Are analyst ratings accurate?

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Institutional Ownership by Quarter for Zynga (NASDAQ:ZNGA)

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