Piper Jaffray lowered it’s price target on Zynga Inc (NASDAQ:ZNGA) from $5.00 to $4.50 per share. The firm announced the change in a research note issued to investors on Thursday. Two equities research analysts give the stock a Sell rating, ten have assigned it a Hold rating and one has issued a Buy rating for the company. Overall, Zynga curretly has an average rating of Hold and a consensus price target of $4.53.
Doubts about the success of FarmVille 2
On Wednesday of this week, Nomura Securities analyst Michael Olson lowered his price target on Zynga Inc (NASDAQ:ZNGA), but maintained Neutral rating on the stock. Analysts have said that the game seems to be moving pretty slowly, though it is too early to say definitively.
“In recent weeks, there has been debate about whether the game is succeeding or not, and while we are watching closely, it is still too early to call, but we believe it appears there is a 33%/67% chance of success/failure for the title becoming a consistent top 10 mobile game,” noted Olson.
Other analysts who have come out with their verdict on Zynga Inc (NASDAQ:ZNGA) recently include Benchmark Co. analysts who increased their price target on the game maker from $3.46 to $3.52 in a research note to the investors on April 24th. Furthermore, analysts at Barclays have raised their price target on the stock from $4.50 to $5.00 in a research note to investors on April 24th and assigned an Equal Weight rating on the stock. Canaccord Genuity analysts have increased their price target for Zynga from $4.40 to $5.00 in a research note to investors on Thursday, April 24th, and assigned a Hold rating.
Zynga shares trading low
On Friday, May 16th Zynga Inc (NASDAQ:ZNGA) Vice President Devang Shah unloaded 4,800 shares of the company. The shares were sold at an average price of $3.31, totalling $15,888.00. Shah owns 113,910 shares in the company, valued at approximately $377,042, according to a filing with the SEC.
Zynga Inc (NASDAQ:ZNGA) shares have been in an extended slump over the lasat couple of years, and shares are currently trading around $3.30 compared to its IPO of $10 per share in 2011. In order to spark a turnaround, the company slashed 520 jobs, which equals to 18% of the total manpower in the company. Zynga has gone through several substantial changes since Don Mattrick was appointed the CEO last July.
On Thursday, shares of Zynga Inc (NASDAQ:ZNGA) closed lower yesterday following the news that CEO Mattrick will present at the Bank of America Merrill Lynch 2014 Global Technology Conference in San Francisco next month.