TiVo (NASDAQ:TIVO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Estimates have remained stable ahead of TiVo’s fourth-quarter 2017 results. The company has been benefiting from new licensing agreements, as well as the introduction of innovative products. Going ahead, the merger of TiVo and Rovi has brought together two leading players in the media entertainment industry, with complementary products and services, as well as a number of patented technologies. Nonetheless, we are concerned about the uncertainty regarding the settlement of the ongoing dispute between TiVo and Comcast. Comcast has decided to fight against the ruling in the US Patent and Trademark office, which may take another 8-12 months to resolve. Also, Comcast may not renew its existing licensing agreement with TiVo, which is set to expire in July this year, thereby resulting in a huge loss of revenues for the company. All this makes us increasingly cautious about TiVo near-term prospects.”
A number of other research analysts also recently issued reports on TIVO. B. Riley decreased their price objective on TiVo from $31.00 to $24.00 and set a “buy” rating for the company in a report on Monday, December 4th. Piper Jaffray Companies reiterated a “buy” rating and set a $25.00 price objective on shares of TiVo in a report on Friday, November 3rd. Finally, BWS Financial assumed coverage on TiVo in a report on Monday, January 22nd. They set a “buy” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $23.20.
In other news, CEO Enrique Rodriguez acquired 55,974 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The stock was acquired at an average cost of $17.86 per share, for a total transaction of $999,695.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.57% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of TIVO. State Street Corp grew its holdings in shares of TiVo by 5.1% during the second quarter. State Street Corp now owns 3,138,996 shares of the technology company’s stock worth $58,540,000 after buying an additional 151,139 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in TiVo by 8.3% in the second quarter. Public Employees Retirement System of Ohio now owns 11,207 shares of the technology company’s stock valued at $209,000 after purchasing an additional 856 shares in the last quarter. First Trust Advisors LP grew its stake in TiVo by 60.1% in the third quarter. First Trust Advisors LP now owns 98,190 shares of the technology company’s stock valued at $1,949,000 after purchasing an additional 36,867 shares in the last quarter. Aperio Group LLC grew its stake in TiVo by 16.4% in the third quarter. Aperio Group LLC now owns 29,158 shares of the technology company’s stock valued at $579,000 after purchasing an additional 4,104 shares in the last quarter. Finally, Peregrine Capital Management LLC grew its stake in TiVo by 2.1% in the third quarter. Peregrine Capital Management LLC now owns 698,314 shares of the technology company’s stock valued at $13,862,000 after purchasing an additional 14,221 shares in the last quarter. Institutional investors and hedge funds own 90.13% of the company’s stock.
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TiVo Company Profile
TiVo Corporation is engaged in offering media and entertainment products. The Company operates through two segments: Intellectual Property Licensing and Product. The Company’s Product segment includes a suite of component technologies that can be integrated into media service provider internally developed platforms or deployed as an integrated TiVo solution.
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