Fred Alger Management LLC Takes $279,000 Position in Electronic Arts Inc. $EA

Key Points

• Fred Alger Management LLC has taken a new position in Electronic Arts Inc., acquiring 1,931 shares valued at approximately $279,000.
• Several other investors have also recently increased their stakes, with over 90% of Electronic Arts' stock currently owned by hedge funds and institutional investors.
• Analysts have shown bullish sentiments towards Electronic Arts, with upgrades and new price targets set, including a target of $192.00 from Arete Research.

Fred Alger Management LLC acquired a new stake in Electronic Arts Inc. (NASDAQ:EA - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,931 shares of the game software company's stock, valued at approximately $279,000.

Other large investors have also recently made changes to their positions in the company. Putney Financial Group LLC purchased a new stake in shares of Electronic Arts during the fourth quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Electronic Arts during the first quarter worth approximately $28,000. Bank of Jackson Hole Trust increased its position in shares of Electronic Arts by 56.4% during the first quarter. Bank of Jackson Hole Trust now owns 208 shares of the game software company's stock worth $30,000 after purchasing an additional 75 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Electronic Arts during the first quarter worth approximately $39,000. Finally, American National Bank & Trust purchased a new stake in shares of Electronic Arts during the first quarter worth approximately $40,000. 90.23% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Vijayanthimala Singh sold 1,200 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $172.26, for a total value of $206,712.00. Following the transaction, the insider owned 35,931 shares of the company's stock, valued at $6,189,474.06. This represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Andrew Wilson sold 5,000 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $171.05, for a total value of $855,250.00. Following the completion of the transaction, the chief executive officer directly owned 52,393 shares in the company, valued at approximately $8,961,822.65. This trade represents a 8.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,900 shares of company stock worth $4,778,597. Company insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on EA shares. Arete upgraded Electronic Arts from a "neutral" rating to a "buy" rating and set a $192.00 price target for the company in a research report on Tuesday, August 5th. Arete Research set a $192.00 price target on Electronic Arts in a research report on Tuesday, August 5th. Roth Capital upgraded Electronic Arts from a "neutral" rating to a "buy" rating and upped their target price for the company from $175.00 to $185.00 in a report on Tuesday, June 24th. UBS Group set a $167.00 target price on Electronic Arts and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, Robert W. Baird upped their target price on Electronic Arts from $168.00 to $170.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and fifteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $167.12.

Electronic Arts Stock Up 2.5%

Shares of NASDAQ:EA opened at $170.27 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average of $162.35 and a two-hundred day moving average of $151.15. The stock has a market cap of $42.60 billion, a P/E ratio of 42.67, a PEG ratio of 2.14 and a beta of 0.75. Electronic Arts Inc. has a 52-week low of $115.21 and a 52-week high of $180.90.

Electronic Arts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, August 27th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, August 27th. Electronic Arts's dividend payout ratio is 19.05%.

Electronic Arts Profile

Electronic Arts Inc develops, markets, publishes, and distributes games, content, and services for game consoles, PCs, mobile phones, and tablets worldwide. It develops and publishes games and services across various genres, such as sports, racing, first-person shooter, action, role-playing, and simulation primarily under the Battlefield, The Sims, Apex Legends, Need for Speed, and license games from others, including FIFA, Madden NFL, UFC, and Star Wars brands.

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