Crossmark Global Holdings Increases Stake in Electronic Arts by 10.5%

Crossmark Global Holdings Inc. has increased its investment in Electronic Arts Inc. (NASDAQ: EA) by 10.5% during the third quarter of 2023. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Crossmark now owns a total of 134,605 shares of the video game company, having acquired an additional 12,755 shares during the period. The total value of Crossmark’s holdings in Electronic Arts is estimated at approximately $27.15 million.

Several other institutional investors also adjusted their positions in Electronic Arts during the second quarter. Notably, Ameriprise Financial Inc. increased its stake by 44.6%, now holding 4,217,029 shares worth around $673.39 million after acquiring 1,300,336 additional shares. Acadian Asset Management LLC saw a significant growth of 176.6% in its position, now owning 1,862,898 shares valued at approximately $297.47 million.

State Street Corp boosted its stake by 5.8%, bringing its total to 17,072,959 shares with a value of $2.73 billion. Man Group plc also increased its holdings by 165.5%, owning 1,279,249 shares worth about $204.30 million. In total, institutional investors and hedge funds now control 90.23% of Electronic Arts’ stock.

Stock Performance and Analyst Ratings

On Thursday, shares of Electronic Arts opened at $201.73, with a market capitalization of $50.48 billion. The stock has experienced a 12-month low of $131.15 and a 12-month high of $204.88. The company reports a price-to-earnings ratio of 75.84 and a beta of 0.75, indicating a relatively stable investment compared to the broader market.

Recent analyst activity has prompted some changes in ratings for Electronic Arts. Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on November 19, 2023. Citigroup also lowered its price target from $207.00 to $202.00, while maintaining a “neutral” rating. Currently, three analysts rate the stock as a Buy, nineteen as a Hold, and one as a Sell, reflecting a consensus average rating of “Hold” with a target price of $188.30 according to MarketBeat.

Insider Transactions and Company Overview

In other company news, CEO Andrew Wilson sold 5,000 shares on February 17, 2023, at an average price of $199.50, totaling approximately $997,500. Following this transaction, Wilson retains 33,858 shares valued at around $6.75 million, representing a 12.87% decrease in his holdings. Another insider, Laura Miele, sold 2,500 shares for $498,825, decreasing her ownership by 4.92%.

Insider trades have totaled 27,600 shares valued at $5.59 million over the past three months, indicating ongoing adjustments by company executives. Currently, insiders own 0.24% of Electronic Arts’ stock.

Electronic Arts Inc., headquartered in Redwood City, California, is a prominent player in the global interactive entertainment market. Founded in 1982 by Trip Hawkins, the company develops, publishes, and distributes video games across various platforms, including consoles, personal computers, and mobile devices. EA combines in-house development with partnerships and acquisitions to maintain a diverse portfolio of entertainment properties and live-service experiences for gamers worldwide.

For further updates and insights into Electronic Arts, investors are encouraged to monitor the company’s filings and analyst ratings regularly.