Zynga Inc (NASDAQ:ZNGA) announced Wednesday that its Chief Executive Officer Don Mattrick will be present at the Bank of America Merrill Lynch 2014 Global Technology Conference in San Francisco. According to the conference information sheet, the session for the CEO is scheduled for Wednesday, June 4, 2014, at 2:05 p.m. Pacific Time (5:05 p.m. Eastern Time).
Zynga low on financials, but turning around
For the last reported quarter, Zynga Inc (NASDAQ:ZNGA) clocked in revenue worth $161 million. Though the sum may look very high, it is in fact a drop of 30% from the same quarter previous year. Zynga has real problem with monetizing users, which is manifested when compared to rival King’s revenue for the quarter at $641 million. Zynga also lagged miserably in terms of monthly unique payers.
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Over the past couple of years, Zynga Inc (NASDAQ:ZNGA) stock has been declining to currently trade around $3.33 per share, compared to its initial public offering price of $10 per share in 2011. Last year, around 520 jobs were terminated by the gaming company, which totals to 18% of the total employees. Big changes have been made in top management after executive Don Mattrick stepped in as the chief executive last July.
Prior to Zynga Inc (NASDAQ:ZNGA), Mattrick was the head at Microsoft’s Xbox division, which experience should definitely help Zynga in its efforts to rebound from the current lows. Mattrick has so far proven that he is the right choice for the struggling game maker as the company has been able to narrow its losses ever since Mattrick came on board.
Analysts take on the stock
The game maker has been assigned ratings by various analysts recently. Canaccord Genuity analysts assigned a Hold rating to the stock with a price target of $5.00, an increase from $4.40 in a research note to the investors on April 24th. Benchmark Co. analysts have raised the price target on Zynga Inc (NASDAQ:ZNGA) from $3.46 to $3.52 in a research note to the investors on Thursday, April 24th. Separately, Barclays has assigned Equal Weight rating to the stock with a price target of $4.50 to $5.00 in a research note issued to investors on Thursday April 24th.
Overall, Zynga has an average rating of Hold and a consensus target price of $4.53. On Thursday, at 9.36 am EDT, the game maker’s shares were down 0.59% to $3.38.