DNB Asset Management Sells 918,823 Shares of Take-Two Interactive

DNB Asset Management AS significantly reduced its holdings in Take-Two Interactive Software, Inc. (NASDAQ: TTWO) by selling 918,823 shares during the second quarter of 2023. According to their most recent 13F filing with the Securities and Exchange Commission, the asset manager now holds just 54,777 shares of the company, representing a 94.4% reduction. As of the end of the reporting period, these shares were valued at approximately $13.3 million.

Several other institutional investors have also adjusted their stakes in Take-Two. The Swiss National Bank increased its ownership by 7.9%, acquiring an additional 38,900 shares for a total of 534,308 shares, valued at $129.76 million. Additionally, Marsico Capital Management LLC purchased a new position in Take-Two worth $7.23 million, while Handelsbanken Fonder AB grew its holdings by 7.0%, now owning 57,642 shares valued at $14 million. Other notable transactions included Dynamic Technology Lab Private Ltd acquiring shares valued at $525,000 and Main Management ETF Advisors LLC increasing its position by 1.7%.

Analyst Ratings and Market Performance

The shift in institutional holdings comes as analysts reassess their ratings for Take-Two Interactive. Wedbush recently raised its target price from $290.00 to $300.00, maintaining an “outperform” rating. Conversely, Arete downgraded the stock from “buy” to “neutral” with a new target of $280.00. Coverage from CICC Research has started with an “outperform” rating and a target price of $272.00.

As of November 6, 2023, shares of Take-Two opened at $235.47. The company’s financial health shows a quick ratio and current ratio both at 1.16, alongside a debt-to-equity ratio of 0.72. Over the past year, the stock has fluctuated between a low of $177.35 and a high of $264.79, with a market capitalization of $43.51 billion.

The latest quarterly earnings report revealed that Take-Two achieved an earnings per share (EPS) of $1.04, surpassing analyst expectations of $0.91 by $0.13. Revenue for the quarter reached $1.77 billion, exceeding the forecast of $1.71 billion. This reflects a year-over-year revenue increase of 33.3% from the previous year’s results.

Insider Trading Activities

In related news, insider transactions have also occurred. Director Ellen F. Siminoff sold 414 shares on September 15, generating approximately $101,948 at an average price of $246.25 per share. Post-sale, Siminoff holds 3,003 shares, valued at around $739,489, reflecting a 12.12% decrease in her ownership. Additionally, Director Michael Sheresky sold 182 shares on November 17 for a total of $42,790 at an average price of $235.11. Following this sale, Sheresky retains 65,781 shares, valued at approximately $15.47 million.

Insider trading reports indicate a total of 67,421 shares sold in the last quarter, amounting to $15.61 million. Corporate insiders now own 1.34% of the company’s stock.

Take-Two Interactive Software, Inc., known for developing and publishing popular video game franchises such as Grand Theft Auto and Red Dead Redemption, continues to be a significant player in the interactive entertainment sector. As institutional interest fluctuates and analysts adjust their forecasts, the company’s market performance remains a focal point for investors and stakeholders alike.