With another 7% drop today, Zynga (ZNGA) is now trading for roughly the amount of cash on the balance sheet plus the value of the San Francisco HQ. At the end of Q3, Zynga had $1.1 billion in cash and the HQ is generally valued at roughly $500 million. The combination provides assets of $1.6 billion with an estimated 933 million shares outstanding for Q4. The amount equates to roughly $1.71 per share. Zynga has its issues with getting new games published on time, but the stock is incredibly under valued. Glu Mobile (GLUU) traded at a similar valuation before surging after earnings. Disclosure: Long ZNGA