GABELLI & Co INVESTMENT ADVISERS INC. Makes New Investment in Zynga Inc. (NASDAQ:ZNGA)

GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of Zynga Inc. (NASDAQ:ZNGAGet Rating) in the 1st quarter, HoldingsChannel reports. The fund acquired 1,073,800 shares of the company’s stock, valued at approximately $9,922,000. Zynga comprises about 1.3% of GABELLI & Co INVESTMENT ADVISERS INC.’s holdings, making the stock its 23rd biggest holding.

Other institutional investors also recently modified their holdings of the company. Gamco Investors INC. ET AL raised its holdings in shares of Zynga by 117.1% during the first quarter. Gamco Investors INC. ET AL now owns 36,150 shares of the company’s stock valued at $334,000 after acquiring an additional 19,500 shares in the last quarter. Wealthfront Advisers LLC increased its position in Zynga by 84.2% during the 1st quarter. Wealthfront Advisers LLC now owns 23,995 shares of the company’s stock valued at $221,000 after purchasing an additional 10,968 shares during the period. Weiss Multi Strategy Advisers LLC raised its holdings in Zynga by 249.7% in the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 4,115,498 shares of the company’s stock worth $38,027,000 after purchasing an additional 2,938,667 shares in the last quarter. PenderFund Capital Management Ltd. purchased a new stake in shares of Zynga in the 1st quarter worth about $262,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Zynga during the 1st quarter valued at about $802,000. 77.40% of the stock is currently owned by hedge funds and other institutional investors.

Zynga Price Performance

ZNGA stock opened at $8.18 on Wednesday. The business has a 50 day moving average of $8.18 and a 200 day moving average of $8.43. The firm has a market cap of $9.26 billion, a PE ratio of -81.80 and a beta of 0.03. Zynga Inc. has a twelve month low of $5.57 and a twelve month high of $11.25. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.53.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on shares of Zynga in a research note on Wednesday. They issued a “hold” rating for the company. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Zynga has an average rating of “Hold” and a consensus target price of $9.89.

About Zynga

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Zynga Inc develops, markets, and operates social game services in the United States and internationally. The company provides social games as live services played on mobile platforms, such as Apple iOS and Google's Android operating systems; social networking platforms, such as Facebook and Snapchat; and personal computers consoles, such as Nintendo's Switch game console, and other platforms and consoles.

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Institutional Ownership by Quarter for Zynga (NASDAQ:ZNGA)

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