State of Michigan Retirement System lifted its stake in Electronic Arts Inc. (NASDAQ:EA) by 10.2% in the second quarter, HoldingsChannel.com reports. The firm owned 73,752 shares of the game software company’s stock after purchasing an additional 6,846 shares during the quarter. State of Michigan Retirement System’s holdings in Electronic Arts were worth $9,739,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EA. State Street Corp lifted its stake in Electronic Arts by 5.7% in the first quarter. State Street Corp now owns 14,019,159 shares of the game software company’s stock valued at $1,404,299,000 after buying an additional 750,716 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Electronic Arts by 2.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,969,701 shares of the game software company’s stock worth $1,098,835,000 after buying an additional 242,929 shares during the last quarter. Copper Rock Capital Partners LLC raised its holdings in shares of Electronic Arts by 4,745.5% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 10,506,707 shares of the game software company’s stock valued at $1,225,111,000 after purchasing an additional 10,289,874 shares during the period. Alliancebernstein L.P. raised its stake in Electronic Arts by 1.4% in the first quarter. Alliancebernstein L.P. now owns 7,374,001 shares of the game software company’s stock valued at $738,654,000 after buying an additional 105,310 shares during the period. Finally, Geode Capital Management LLC raised its stake in Electronic Arts by 0.6% in the 1st quarter. Geode Capital Management LLC now owns 4,454,343 shares of the game software company’s stock valued at $445,421,000 after acquiring an additional 25,307 shares during the period. Institutional investors and hedge funds own 88.08% of the company’s stock.
In related news, Director Jay C. Hoag sold 150,094 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $116.26, for a total transaction of $17,449,928.44. Following the sale, the director now owns 84,561 shares of the company’s stock, valued at approximately $9,831,061.86. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Joel Linzner sold 2,000 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $116.40, for a total value of $232,800.00. Following the completion of the transaction, the executive vice president now directly owns 24,803 shares of the company’s stock, valued at approximately $2,887,069.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 178,467 shares of company stock valued at $21,007,091. Insiders own 0.92% of the company’s stock.
NASDAQ EA opened at $141.62 on Friday. The business has a fifty day moving average price of $133.51 and a two-hundred day moving average price of $115.65. The stock has a market capitalization of $40.89 billion, a PE ratio of 26.27, a PEG ratio of 4.93 and a beta of 0.94. Electronic Arts Inc. has a fifty-two week low of $85.69 and a fifty-two week high of $142.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.45 and a quick ratio of 2.45.
Electronic Arts (NASDAQ:EA) last posted its quarterly earnings results on Tuesday, May 5th. The game software company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.36. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Electronic Arts had a return on equity of 21.69% and a net margin of 34.27%. As a group, sell-side analysts expect that Electronic Arts Inc. will post 3.94 earnings per share for the current year.
EA has been the topic of several research analyst reports. Oppenheimer increased their price objective on shares of Electronic Arts from $125.00 to $150.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Bank of America increased their price target on shares of Electronic Arts from $116.00 to $122.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wedbush boosted their price objective on Electronic Arts from $135.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $150.00 target price (up previously from $127.00) on shares of Electronic Arts in a research note on Friday. Finally, Piper Sandler upped their price objective on Electronic Arts from $133.00 to $157.00 and gave the company an “overweight” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $139.96.
Electronic Arts Company Profile
Electronic Arts Inc develops, markets, publishes, and distributes games, content, and services for game consoles, PCs, mobile phones, and tablets worldwide. The company develops and publishes games and services across various genres, such as sports, first-person shooter, action, role-playing, and simulation primarily under the Battlefield, Mass Effect, Need for Speed, The Sims, and Plants v.
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