Crossmark Global Holdings Inc. has increased its holdings in Electronic Arts Inc. (NASDAQ: EA) by 10.5% during the third quarter of 2023. According to the firm’s latest filing with the Securities and Exchange Commission (SEC), Crossmark now owns 134,605 shares of the gaming software company, having acquired an additional 12,755 shares during this period. As of the most recent filing, these shares are valued at approximately $27.15 million.
A number of other institutional investors have also adjusted their positions in Electronic Arts. Notably, Ameriprise Financial Inc. increased its stake by 44.6% in the second quarter, now holding 4,217,029 shares worth $673.39 million. Similarly, Acadian Asset Management LLC expanded its position by a remarkable 176.6%, bringing its total to 1,862,898 shares valued at $297.47 million.
In another significant move, State Street Corp raised its stake in Electronic Arts by 5.8%, now owning 17,072,959 shares valued at about $2.73 billion. Man Group plc and Arrowstreet Capital Limited Partnership also increased their holdings substantially, with increases of 165.5% and 50.3%, respectively.
The growing interest from institutional investors suggests a strong belief in Electronic Arts’ potential. Currently, institutional investors and hedge funds collectively hold 90.23% of the company’s stock.
Electronic Arts Stock Performance and Analyst Ratings
As of the most recent trading session, shares of Electronic Arts opened at $201.73, with a market capitalization of $50.48 billion. The company reports a price-to-earnings ratio of 75.84 and a beta of 0.75. Over the past year, the stock has seen a low of $131.15 and a high of $204.88. The fifty-day simple moving average stands at $202.63, while the two-hundred-day moving average is $195.71.
Recent analyst commentary has been mixed. Zacks Research downgraded Electronic Arts from a “strong-buy” to a “hold” rating. Citigroup revised its price target from $207.00 to $202.00 and also assigned a “neutral” rating. Meanwhile, UBS Group reaffirmed its “neutral” rating. Currently, three analysts rate the stock as a Buy, nineteen as Hold, and one as Sell. The average target price is approximately $188.30, according to MarketBeat.
Insider Trading Activity
In other corporate news, Electronic Arts CEO Andrew Wilson sold 5,000 shares on February 17, 2023, at an average price of $199.50, totaling a transaction value of $997,500. Following this sale, Wilson holds 33,858 shares, valued at around $6.75 million, reflecting a 12.87% decrease in his ownership.
Additionally, insider Laura Miele sold 2,500 shares on the same day for an average price of $199.53, resulting in a transaction worth $498,825. Post-sale, Miele owns 48,343 shares valued at approximately $9.65 million, representing a 4.92% decrease in her stake.
Over the past three months, insiders have sold a total of 27,600 shares worth about $5.59 million. Currently, insiders hold 0.24% of the company’s stock.
Electronic Arts Inc., headquartered in Redwood City, California, has established itself as a leading global interactive entertainment company since its founding in 1982 by Trip Hawkins. The company develops and distributes video games for various platforms, including consoles, personal computers, and mobile devices, and maintains a diverse portfolio of popular gaming franchises.
For those interested in the latest developments and insider trades related to Electronic Arts, further information is available through official SEC filings and financial news outlets.
