Cypress Capital Management LLC cut its position in shares of Electronic Arts Inc. (NASDAQ:EA) by 13.1% in the first quarter, HoldingsChannel reports. The firm owned 60,683 shares of the game software company’s stock after selling 9,177 shares during the period. Cypress Capital Management LLC’s holdings in Electronic Arts were worth $8,215,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. SOA Wealth Advisors LLC. purchased a new position in shares of Electronic Arts in the 4th quarter valued at $28,000. Winslow Evans & Crocker Inc. increased its holdings in shares of Electronic Arts by 81.3% in the 4th quarter. Winslow Evans & Crocker Inc. now owns 223 shares of the game software company’s stock valued at $32,000 after acquiring an additional 100 shares during the period. McIlrath & Eck LLC increased its holdings in shares of Electronic Arts by 72.9% in the 4th quarter. McIlrath & Eck LLC now owns 230 shares of the game software company’s stock valued at $33,000 after acquiring an additional 97 shares during the period. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Electronic Arts in the 1st quarter valued at $33,000. Finally, Graves Light Private Wealth Management Inc. purchased a new position in shares of Electronic Arts in the 4th quarter valued at $39,000. 88.18% of the stock is owned by institutional investors and hedge funds.
In related news, insider Laura Miele sold 785 shares of the company’s stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $142.92, for a total value of $112,192.20. Following the completion of the transaction, the insider now owns 36,032 shares of the company’s stock, valued at approximately $5,149,693.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vijayanthimala Singh sold 800 shares of the business’s stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of $136.73, for a total value of $109,384.00. Following the sale, the insider now owns 20,110 shares of the company’s stock, valued at $2,749,640.30. The disclosure for this sale can be found here. Insiders sold a total of 106,712 shares of company stock valued at $15,206,135 in the last ninety days. 0.92% of the stock is currently owned by insiders.
Electronic Arts (NASDAQ:EA) last released its quarterly earnings results on Monday, May 10th. The game software company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Electronic Arts had a return on equity of 16.74% and a net margin of 14.87%. Electronic Arts’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 EPS. As a group, sell-side analysts predict that Electronic Arts Inc. will post 4.83 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 23rd. Investors of record on Wednesday, June 2nd will be issued a $0.17 dividend. The ex-dividend date is Tuesday, June 1st. This represents a $0.68 dividend on an annualized basis and a yield of 0.47%. Electronic Arts’s payout ratio is 14.98%.
A number of brokerages have recently issued reports on EA. KeyCorp lifted their price target on Electronic Arts from $165.00 to $170.00 and gave the company an “overweight” rating in a report on Thursday, April 22nd. Benchmark boosted their target price on Electronic Arts from $177.00 to $181.00 and gave the stock a “buy” rating in a research note on Wednesday, May 12th. Jefferies Financial Group initiated coverage on Electronic Arts in a research note on Thursday, April 22nd. They set a “buy” rating and a $165.00 target price on the stock. BMO Capital Markets boosted their target price on Electronic Arts from $143.00 to $150.00 and gave the stock a “market perform” rating in a research note on Friday, May 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $165.00 target price on shares of Electronic Arts in a research note on Wednesday, May 12th. Ten analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $157.81.
Electronic Arts 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, The Sims, Apex Legends, Need for Speed, and Plants v.
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