Bank of America Corporation upgraded shares of Electronic Arts Inc. (NASDAQ:EA) from a neutral rating to a buy rating in a report released on Wednesday, July 26th, MarketBeat.com reports. They currently have $131.00 price objective on the game software company’s stock.
A number of other brokerages have also recently issued reports on EA. Credit Suisse Group reaffirmed a buy rating and issued a $114.00 price objective on shares of Electronic Arts in a research note on Sunday, May 28th. Benchmark Co. raised their price objective on shares of Electronic Arts from $114.00 to $131.00 and gave the company a buy rating in a research note on Tuesday, June 20th. Vetr raised shares of Electronic Arts from a hold rating to a buy rating and set a $99.98 price objective on the stock in a research note on Monday, May 8th. Robert W. Baird reaffirmed an outperform rating on shares of Electronic Arts in a research note on Thursday, May 11th. Finally, Zacks Investment Research raised shares of Electronic Arts from a sell rating to a hold rating in a research note on Wednesday, May 3rd. Five investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $115.19.
Electronic Arts (NASDAQ EA) traded down 0.39% during midday trading on Wednesday, reaching $116.50. The company’s stock had a trading volume of 1,305,969 shares. Electronic Arts has a 52-week low of $73.74 and a 52-week high of $120.25. The firm has a 50-day moving average price of $111.69 and a 200 day moving average price of $98.19. The stock has a market capitalization of $36.00 billion, a price-to-earnings ratio of 31.19 and a beta of 0.72.
Electronic Arts (NASDAQ:EA) last issued its quarterly earnings results on Thursday, July 27th. The game software company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.22. The business had revenue of $775 million during the quarter, compared to analyst estimates of $768.47 million. Electronic Arts had a net margin of 23.31% and a return on equity of 29.77%. Electronic Arts’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 earnings per share. Equities research analysts predict that Electronic Arts will post $4.24 EPS for the current fiscal year.
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Electronic Arts declared that its board has authorized a stock repurchase program on Tuesday, May 9th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the game software company to purchase up to 45% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, SVP Jacob J. Schatz sold 2,200 shares of Electronic Arts stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $107.22, for a total transaction of $235,884.00. Following the completion of the sale, the senior vice president now owns 22,935 shares of the company’s stock, valued at approximately $2,459,090.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Denise Warren sold 1,000 shares of Electronic Arts stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $108.84, for a total transaction of $108,840.00. Following the sale, the director now directly owns 13,665 shares of the company’s stock, valued at approximately $1,487,298.60. The disclosure for this sale can be found here. Insiders have sold a total of 341,915 shares of company stock worth $37,562,227 over the last 90 days. 2.55% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. TimesSquare Capital Management LLC increased its stake in Electronic Arts by 0.5% in the first quarter. TimesSquare Capital Management LLC now owns 767,500 shares of the game software company’s stock worth $68,707,000 after buying an additional 3,600 shares in the last quarter. Pegasus Partners Ltd. increased its stake in Electronic Arts by 2.3% in the fourth quarter. Pegasus Partners Ltd. now owns 11,255 shares of the game software company’s stock worth $886,000 after buying an additional 250 shares in the last quarter. Foundry Partners LLC increased its stake in Electronic Arts by 17.9% in the first quarter. Foundry Partners LLC now owns 13,944 shares of the game software company’s stock worth $1,248,000 after buying an additional 2,116 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in Electronic Arts by 529.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 50,647 shares of the game software company’s stock worth $5,354,000 after buying an additional 42,599 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Electronic Arts by 15.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 8,077,235 shares of the game software company’s stock worth $723,074,000 after buying an additional 1,064,602 shares in the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.
About Electronic Arts
Electronic Arts Inc develops, markets, publishes and distributes games, content and services that can be played by consumers on a range of platforms, which include consoles, personal computers (PCs), mobile phones and tablets. The Company’s games and services are based on a portfolio of intellectual property that includes established brands, such as FIFA, Madden NFL, Star Wars, Battlefield, the Sims and Need for Speed.
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