Were the analysts right? Zynga shares down in first trading day

Sterne Agee analyst Arvind Bhatia said Zynga should have priced its shares at $7. Morningstar analyst David Summer argued last week that Zynga was really worth only $6 per share.

The social-gaming company's issues are numerous, the analysts say. Bhatia pointed to the company's slowed growth over the last year, as well as its declining profit margins, as fundamental issues that could wreak havoc on Zynga's financials next year. He was also concerned that Zynga derives 94 percent of its revenue from Facebook.