Pachter cited several "qualitative issues" that lead him to believe the stock is fairly valued. "We are concerned about recent insider selling, are concerned about the increasing number of stock options granted over the last three years and are concerned that the company may have difficulty making accretive acquisitions with its large cash hoard," he wrote. Since July 23, insiders have sold more than 790,000 shares, including 155,000 by Chairman and CEO Lawrence Probst and 43,000 shares sold by President and COO John Riccitiello, Pachter wrote. He also noted that at 24, EA's forward enterprise value-to-adjusted income multiple is higher than Activision's ( ATVI) 20, THQ's ( THQI) 14 and Take-Two's 10. His company hasn't done any banking business with any of those video game software firms within the last three years. Electronic Arts climbed 99 cents, or 1%, to reach a new all-time high of $92 before falling slightly to $91.75 in recent trading.