Salem Investment Counselors Inc. lessened its position in shares of Zynga Inc. (NASDAQ:ZNGA) by 12.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 855,855 shares of the company’s stock after selling 120,000 shares during the period. Salem Investment Counselors Inc. owned approximately 0.10% of Zynga worth $3,304,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Legal & General Group Plc grew its position in Zynga by 454.0% during the second quarter. Legal & General Group Plc now owns 1,414,781 shares of the company’s stock valued at $5,110,000 after acquiring an additional 1,159,405 shares during the period. Comerica Bank grew its position in Zynga by 914.3% during the second quarter. Comerica Bank now owns 306,032 shares of the company’s stock valued at $1,148,000 after acquiring an additional 275,860 shares during the period. Cipher Capital LP purchased a new stake in Zynga during the third quarter valued at about $977,000. Amalgamated Bank lifted its stake in shares of Zynga by 31.7% during the second quarter. Amalgamated Bank now owns 137,196 shares of the company’s stock worth $499,000 after purchasing an additional 33,022 shares in the last quarter. Finally, FMR LLC acquired a new position in shares of Zynga during the second quarter worth about $8,920,000. 70.49% of the stock is owned by hedge funds and other institutional investors.
Zynga Inc. (NASDAQ:ZNGA) opened at $4.01 on Thursday. Zynga Inc. has a one year low of $2.40 and a one year high of $4.34.
Zynga (NASDAQ:ZNGA) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.01. Zynga had a negative return on equity of 1.37% and a negative net margin of 2.65%. The business had revenue of $224.60 million for the quarter, compared to analysts’ expectations of $211.98 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The company’s revenue was up 23.1% compared to the same quarter last year. equities analysts predict that Zynga Inc. will post 0.02 EPS for the current fiscal year.
In related news, Director Ellen F. Siminoff sold 12,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $3.86, for a total value of $46,320.00. Following the transaction, the director now owns 139,900 shares in the company, valued at $540,014. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 12.43% of the company’s stock.
A number of research analysts have commented on ZNGA shares. Wedbush set a $5.00 price objective on Zynga and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Cowen restated a “buy” rating and set a $4.50 price objective on shares of Zynga in a research note on Thursday, October 12th. Goldman Sachs Group started coverage on Zynga in a research note on Friday, September 8th. They set a “neutral” rating and a $3.90 price objective on the stock. Zacks Investment Research upgraded Zynga from a “hold” rating to a “strong-buy” rating and set a $4.50 price objective on the stock in a research note on Saturday, November 11th. Finally, BidaskClub cut Zynga from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $4.11.
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Zynga Inc is a provider of social game services. The Company develops, markets and operates social games as live services played on mobile platforms, such as iPhone Operating System (iOS) operating system and Android operating system and social networking sites, such as Facebook. The Company has developed a range of social games, including games in its Slots, Words With Friends, Zynga Poker and FarmVille franchises.
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