Tessera Technologies Inc. (NASDAQ:TSRA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Tessera is a provider of back-end technology for semiconductor manufacturing. The company is focused on building a high-margin licensing model and therefore the host of patents, new technologies and customer wins are encouraging. The product portfolio has also been revamped to target the mobile segment, which should help growth. Further, the DTI acquisition will make Tessera one of the leading product and technology licensing companies globally. Its deal with ASE also has tremendous potential. However, protection of IP, its pricing strategy and customer concentration remain risks.”
Separately, Benchmark Co. reissued a “buy” rating and issued a $45.00 price target on shares of Tessera Technologies in a research note on Wednesday, September 21st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $44.00.
Shares of Tessera Technologies (NASDAQ:TSRA) traded up 0.3034% during mid-day trading on Tuesday, hitting $38.8776. The company’s stock had a trading volume of 463,689 shares. The company has a 50-day moving average price of $34.59 and a 200-day moving average price of $31.92. Tessera Technologies has a 1-year low of $26.21 and a 1-year high of $39.25. The stock has a market cap of $1.89 billion, a PE ratio of 20.4082 and a beta of 1.01.
Tessera Technologies (NASDAQ:TSRA) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.04. The company had revenue of $67.02 million for the quarter, compared to the consensus estimate of $65.17 million. Tessera Technologies had a return on equity of 21.80% and a net margin of 37.81%. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.58 EPS. Analysts predict that Tessera Technologies will post $2.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Monday, August 22nd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Thursday, August 18th. Tessera Technologies’s dividend payout ratio is currently 42.11%.
In related news, CEO Thomas A. Lacey sold 40,000 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $33.15, for a total value of $1,326,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Robert J. Andersen sold 21,521 shares of the company’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $35.00, for a total transaction of $753,235.00. Following the completion of the sale, the vice president now owns 85,805 shares of the company’s stock, valued at approximately $3,003,175. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in Tessera Technologies by 18.9% in the first quarter. Renaissance Technologies LLC now owns 2,179,914 shares of the company’s stock worth $67,577,000 after buying an additional 346,700 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Tessera Technologies by 11.6% in the first quarter. JPMorgan Chase & Co. now owns 64,128 shares of the company’s stock worth $1,988,000 after buying an additional 6,678 shares during the period. Aperio Group LLC boosted its position in Tessera Technologies by 5.6% in the first quarter. Aperio Group LLC now owns 8,095 shares of the company’s stock worth $251,000 after buying an additional 430 shares during the period. James Investment Research Inc. boosted its position in Tessera Technologies by 2.3% in the second quarter. James Investment Research Inc. now owns 9,405 shares of the company’s stock worth $288,000 after buying an additional 210 shares during the period. Finally, Mckinley Capital Management LLC Delaware boosted its position in Tessera Technologies by 72.5% in the second quarter. Mckinley Capital Management LLC Delaware now owns 250,081 shares of the company’s stock worth $7,662,000 after buying an additional 105,112 shares during the period. Institutional investors and hedge funds own 97.84% of the company’s stock.
Tessera Technologies Company Profile
Tessera Technologies, Inc, including its subsidiaries, Invensas Corporation (Invensas), FotoNation Limited (FotoNation) and Ziptronix, Inc (Ziptronix), licenses its technologies and intellectual property to customers for use in areas, such as mobile computing and communications, memory and data storage, and three dimensional (3-D) Integrated Circuit (3D-IC) technologies.
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