State of Michigan Retirement System raised its holdings in shares of Electronic Arts Inc. (NASDAQ:EA) by 10.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,752 shares of the game software company’s stock after purchasing an additional 6,846 shares during the period. State of Michigan Retirement System’s holdings in Electronic Arts were worth $9,739,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in EA. State Street Corp lifted its holdings in shares of Electronic Arts by 5.7% in the 1st quarter. State Street Corp now owns 14,019,159 shares of the game software company’s stock worth $1,404,299,000 after purchasing an additional 750,716 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Electronic Arts by 2.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,969,701 shares of the game software company’s stock valued at $1,098,835,000 after buying an additional 242,929 shares during the last quarter. Copper Rock Capital Partners LLC grew its position in shares of Electronic Arts by 4,745.5% during the second quarter. Copper Rock Capital Partners LLC now owns 10,506,707 shares of the game software company’s stock worth $1,225,111,000 after acquiring an additional 10,289,874 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Electronic Arts by 1.4% in the 1st quarter. Alliancebernstein L.P. now owns 7,374,001 shares of the game software company’s stock worth $738,654,000 after acquiring an additional 105,310 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of 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 worth $445,421,000 after acquiring an additional 25,307 shares during the period. Hedge funds and other institutional investors own 88.08% of the company’s stock.
EA has been the subject of several recent analyst reports. Barclays upped their target price on shares of Electronic Arts from $130.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 21st. They noted that the move was a valuation call. Morgan Stanley raised their target price on Electronic Arts from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. Zacks Investment Research boosted their price target on Electronic Arts to $120.00 in a research report on Tuesday, May 5th. BMO Capital Markets increased their price target on Electronic Arts from $110.00 to $132.00 and gave the stock a “market perform” rating in a research note on Friday, June 26th. Finally, Piper Sandler lifted their price objective on shares of Electronic Arts from $133.00 to $157.00 and gave the company an “overweight” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $139.96.
In other news, General Counsel Jacob J. Schatz sold 1,000 shares of the stock in a transaction that occurred on Friday, July 17th. The shares were sold at an average price of $138.18, for a total value of $138,180.00. Following the completion of the sale, the general counsel now directly owns 25,435 shares of the company’s stock, valued at $3,514,608.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Laura Miele sold 785 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $123.04, for a total transaction of $96,586.40. Following the transaction, the insider now directly owns 23,688 shares in the company, valued at $2,914,571.52. The disclosure for this sale can be found here. Insiders sold a total of 178,467 shares of company stock valued at $21,007,091 in the last ninety days. Company insiders own 0.92% of the company’s stock.
Shares of EA opened at $141.62 on Friday. The business’s 50-day moving average price is $133.51 and its 200 day moving average price is $115.65. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $40.89 billion, a P/E ratio of 26.27, a P/E/G ratio of 4.93 and a beta of 0.94. Electronic Arts Inc. has a 1-year low of $85.69 and a 1-year high of $142.84.
Electronic Arts (NASDAQ:EA) last announced its earnings results on Tuesday, May 5th. The game software company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.73 by $0.36. Electronic Arts had a net margin of 34.27% and a return on equity of 21.69%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, research analysts predict that Electronic Arts Inc. will post 3.94 earnings per share for the current year.
About Electronic Arts
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.
Further Reading: What is diluted earnings per share (Diluted EPS)?
Receive News & Ratings for Electronic Arts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Electronic Arts and related companies with MarketBeat.com's FREE daily email newsletter.