Electronic Arts (NASDAQ:EA) Issues FY 2023 Earnings Guidance

Electronic Arts (NASDAQ:EA – Get Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $7.05-$7.15 for the period, compared to the consensus estimate of $7.43. The company issued revenue guidance of $7.90 billion-$8.10 billion, compared to the consensus revenue estimate of $8.02 billion.Electronic Arts also updated its FY23 guidance to $2.79-2.87 EPS.

Shares of Electronic Arts stock traded up $2.08 during trading hours on Friday, reaching $123.03. The stock had a trading volume of 44,434 shares, compared to its average volume of 2,405,222. Electronic Arts has a twelve month low of $109.24 and a twelve month high of $148.93. The firm has a market capitalization of $34.60 billion, a PE ratio of 43.82, a PEG ratio of 1.46 and a beta of 0.83. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average is $123.57 and its 200 day moving average is $129.53.

Electronic Arts (NASDAQ:EA – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The game software company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.63). The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.77 billion. Electronic Arts had a return on equity of 18.92% and a net margin of 11.29%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.72 earnings per share. As a group, sell-side analysts predict that Electronic Arts will post 5.72 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 22nd. Stockholders of record on Wednesday, June 8th will be paid a dividend of $0.19 per share. The ex-dividend date is Tuesday, June 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.62%. This is an increase from Electronic Arts’s previous quarterly dividend of $0.17. Electronic Arts’s dividend payout ratio is currently 24.64%.

Several research firms have recently commented on EA. Cowen reduced their target price on Electronic Arts from $180.00 to $158.00 in a research note on Wednesday. Raymond James cut their target price on Electronic Arts from $158.00 to $150.00 in a report on Wednesday. Barclays cut their price target on Electronic Arts from $152.00 to $127.00 and set an equal weight rating for the company in a report on Wednesday, February 2nd. Moffett Nathanson upgraded Electronic Arts from a neutral rating to a buy rating and decreased their price objective for the company from $151.00 to $141.00 in a research report on Wednesday. Finally, StockNews.com lowered Electronic Arts from a buy rating to a hold rating in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Buy and a consensus target price of $155.54.

In other Electronic Arts news, CEO Andrew Wilson sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $130.16, for a total transaction of $1,301,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacob J. Schatz sold 1,000 shares of Electronic Arts stock in a transaction that occurred on Wednesday, February 16th. The shares were sold at an average price of $133.75, for a total value of $133,750.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,700 shares of company stock worth $5,647,859. Company insiders own 0.65% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of EA. Dimensional Fund Advisors LP increased its position in shares of Electronic Arts by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 866,675 shares of the game software company’s stock worth $109,653,000 after acquiring an additional 13,934 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Electronic Arts by 32.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 735,099 shares of the game software company’s stock worth $96,983,000 after acquiring an additional 179,627 shares in the last quarter. California State Teachers Retirement System increased its position in Electronic Arts by 3.9% during the fourth quarter. California State Teachers Retirement System now owns 511,804 shares of the game software company’s stock valued at $67,507,000 after acquiring an additional 19,059 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Electronic Arts by 5.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 243,358 shares of the game software company’s stock valued at $32,141,000 after acquiring an additional 12,463 shares during the last quarter. Finally, Vident Investment Advisory LLC increased its holdings in shares of Electronic Arts by 16.4% in the 4th quarter. Vident Investment Advisory LLC now owns 21,996 shares of the game software company’s stock worth $2,903,000 after buying an additional 3,100 shares during the last quarter. Hedge funds and other institutional investors own 89.28% of the company’s stock.

Electronic Arts Company Profile (Get Rating)

Electronic Arts Inc develops, markets, publishes, and distributes games, content, and services for game consoles, PCs, mobile phones, and tablets worldwide. It develops and publishes games and services across various genres, such as sports, racing, first-person shooter, action, role-playing, and simulation primarily under the Battlefield, The Sims, Apex Legends, Need for Speed, and Plants vs

Further Reading

Earnings History and Estimates for Electronic Arts (NASDAQ:EA)

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