Crossmark Global Holdings Inc. has expanded its investment in Electronic Arts Inc. (NASDAQ: EA) by acquiring an additional 12,755 shares, resulting in a total ownership of 134,605 shares. This increase of 10.5% occurred during the third quarter of 2023, as detailed in the firm’s recent filing with the U.S. Securities and Exchange Commission (SEC). The total value of Crossmark’s holdings in Electronic Arts now stands at approximately $27.15 million.
Other significant investors have also adjusted their positions in Electronic Arts recently. For instance, Ameriprise Financial Inc. raised its stake by an impressive 44.6% during the second quarter, bringing its total to 4,217,029 shares valued at $673.39 million after acquiring an additional 1,300,336 shares. Acadian Asset Management LLC saw a remarkable increase of 176.6%, now owning 1,862,898 shares worth $297.47 million following the purchase of 1,189,455 shares.
State Street Corp increased its stake by 5.8%, now holding 17,072,959 shares valued at $2.73 billion after acquiring 932,024 additional shares. Man Group plc also made headlines with a 165.5% increase, resulting in ownership of 1,279,249 shares valued at $204.30 million. Arrowstreet Capital Limited Partnership’s holdings grew by 50.3%, now owning 2,365,221 shares valued at $377.73 million. Collectively, institutional investors and hedge funds own approximately 90.23% of Electronic Arts shares.
Electronic Arts Financial Performance
On Thursday, Electronic Arts shares opened at $201.73, contributing to a market capitalization of $50.48 billion. The company’s financial metrics include a price-to-earnings ratio of 75.84, a PEG ratio of 2.39, and a beta of 0.75. Over the past year, EA’s stock has fluctuated significantly, with a low of $131.15 and a high of $204.88. The company maintains a fifty-day simple moving average of $202.63 and a 200-day simple moving average of $195.71. Additionally, Electronic Arts has a current ratio and quick ratio both at 0.93, with a debt-to-equity ratio of 0.24.
Analyst Ratings and Insider Transactions
Recent assessments by analysts indicate a mixed outlook for Electronic Arts. Notably, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on November 19, 2023. Citigroup also adjusted its price objective from $207.00 to $202.00, maintaining a “neutral” rating. Furthermore, UBS Group reaffirmed its “neutral” rating. Currently, three analysts have a “buy” rating on the stock, while nineteen have assigned a “hold” rating, and one has issued a “sell” rating. The average target price for Electronic Arts stands at $188.30, according to MarketBeat.
In terms of insider activity, CEO Andrew Wilson sold 5,000 shares on February 17, 2024, at an average price of $199.50, totaling $997,500. Following this transaction, Wilson holds 33,858 shares valued at approximately $6.75 million, marking a decrease of 12.87% in his position. Additionally, insider Laura Miele sold 2,500 shares on the same day, garnering $498,825. After this sale, Miele owns 48,343 shares valued at around $9.65 million, reflecting a 4.92% decrease in her ownership.
In total, insiders have sold 27,600 shares worth $5.59 million over the past three months, with insiders collectively holding 0.24% of the company’s stock.
About Electronic Arts
Electronic Arts Inc. is a leading global interactive entertainment company headquartered in Redwood City, California. Founded in 1982 by Trip Hawkins, EA develops, publishes, and distributes video games and related content across various platforms, including consoles, personal computers, and mobile devices. The company’s portfolio features a combination of in-house development, partnerships, and studio acquisitions, offering diverse entertainment properties and live-service experiences to players worldwide.
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