Wedbush Sticks to Their Buy Rating for Zynga (ZNGA)

By Carrie Williams

Wedbush analyst Michael Pachter reiterated a Buy rating on Zynga (ZNGAResearch Report) today and set a price target of $9.00. The company’s shares closed last Monday at $5.93.

According to TipRanks.com, Pachter is a 3-star analyst with an average return of 1.5% and a 52.1% success rate. Pachter covers the Services sector, focusing on stocks such as Cinemark Holdings, AMC Entertainment, and Best Buy Co.

Currently, the analyst consensus on Zynga is a Strong Buy with an average price target of $8.11, representing a 32.7% upside. In a report issued on January 30, Benchmark Co. also maintained a Buy rating on the stock with a $9.00 price target.

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Based on Zynga’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $3.5 million. In comparison, last year the company had a net profit of $559K.

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Zynga, Inc. provides social game services. It develops, markets and operates social games as live services played on mobile platforms such as Apple’s iOS operating system and Google’s Android operating system, and social networking sites such as Facebook.