Take-Two Interactive Gains Traction with New Analyst Ratings
Take-Two Interactive Software (NASDAQ: TTWO) has recently attracted positive attention from analysts, with CICC Research initiating coverage by assigning an outperform rating and setting a target price of $272.00 per share. This development was disclosed in a report released to investors on Tuesday morning, as reported by Benzinga.
In addition to CICC Research’s endorsement, several other equity research analysts have also issued optimistic evaluations of Take-Two’s stock. On August 8, 2023, Wedbush raised its target price from $269.00 to $275.00, maintaining an outperform rating. Similarly, JPMorgan Chase & Co. increased its price objective from $250.00 to $275.00, giving the stock an overweight rating. Benchmark also lifted its target price from $250.00 to $275.00, issuing a buy rating.
UBS Group further escalated their target from $275.00 to $285.00 and maintained a buy rating, while Citigroup raised its target from $260.00 to $270.00 on July 23, 2023. Overall, 19 research analysts have rated the stock as a Buy, with two giving it a Hold rating. According to MarketBeat.com, the consensus rating for Take-Two Interactive is currently classified as a “Moderate Buy,” with an average target price of $249.50.
Strong Earnings Report Boosts Investor Confidence
Take-Two Interactive Software recently released its earnings results for the quarter ending August 7, 2023, reporting earnings per share (EPS) of $0.61, surpassing the consensus estimate of $0.28 by $0.33. The company generated revenue of $1.50 billion, exceeding the expected $1.31 billion. This marked a 16.4% increase in revenue compared to the same period last year, when the company reported a loss of ($1.52) EPS.
Looking ahead, Take-Two has provided guidance for its Q2 2026 EPS between 0.850 and 0.950, and for the full fiscal year 2026, guidance is set between 2.600 and 2.850 EPS. Analysts project that the company will achieve 0.97 EPS for the current year.
Insider Transactions and Institutional Investments
In insider trading news, Director Laverne Evans Srinivasan sold 2,325 shares on August 21, 2023 at an average price of $227.47, realizing a total of $528,867.75. Following this transaction, she retained 9,063 shares valued at approximately $2,061,560.61, reflecting a 20.42% decrease in her ownership stake. This sale was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
CEO Strauss Zelnick also sold 20,000 shares on August 27, 2023, at an average price of $230.69, totaling $4,613,800.00. Over the past quarter, insiders have sold a total of 141,825 shares, valued at $32,532,671. Currently, insiders hold 1.34% of the company’s shares.
Several institutional investors have recently adjusted their holdings in Take-Two Interactive. Clarius Group LLC acquired a new stake worth $404,000 in the first quarter. Cornerstone Investment Partners LLC increased its stake by 14.1%, now owning 292,616 shares valued at $60,645,000.
Stonebridge Financial Group LLC raised its stake significantly by 3,986.2%, now owning 1,185 shares worth $246,000. Wealth Enhancement Advisory Services LLC also increased its holdings by 8.4%, while Ninety One UK Ltd boosted its position by 22.8% during the second quarter, now owning 1,801,582 shares valued at $437,514,000. Institutional investors own a substantial 95.46% of the company’s stock.
Take-Two Interactive Software continues to develop, publish, and market interactive entertainment solutions globally. It is known for popular titles such as Grand Theft Auto and Red Dead Redemption, solidifying its position in the gaming industry.
