Ricky Sandler’s Eminence Capital now has a 5.1% passive stake in Zynga, an increase from 26.53 million shares to 38.07 million. The company specializes in online games and has an average analyst target of $3.62 whereas it currently trades at $3.02. The average analyst’s call on Zynga is “Hold.”
The company reported a net loss of $62 million and revenues fell 34%. Its revised outlook has EBITDA fro $40 million to $60 million compared to the prior expected EBITDA between $70 million and $100 million.
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Eminence currently has $6.1 billion funds under management, and its top holdings include Autodesk, National Oilwell Varco and Fossil.