Tessera Technologies Inc. (TSRA) Upgraded by Zacks Investment Research to “Hold”
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. reiterated a “buy” rating and set a $45.00 price target on shares of Tessera Technologies in a report on Wednesday, September 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Tessera Technologies currently 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 midday trading on Tuesday, reaching $38.8776. The company’s stock had a trading volume of 463,689 shares. The stock’s 50-day moving average is $34.59 and its 200 day moving average is $31.92. The stock has a market capitalization of $1.89 billion, a P/E ratio of 20.4082 and a beta of 1.01. Tessera Technologies has a 12 month low of $26.21 and a 12 month high of $39.25.
Tessera Technologies (NASDAQ:TSRA) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. Tessera Technologies had a return on equity of 21.80% and a net margin of 37.81%. The business had revenue of $67.02 million for the quarter, compared to the consensus estimate of $65.17 million. During the same quarter in the previous year, the company posted $0.58 earnings per share. Tessera Technologies’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, analysts expect that Tessera Technologies will post $2.24 earnings per share 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 dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $0.80 dividend on an annualized basis and a yield of 2.06%. Tessera Technologies’s payout ratio is 42.11%.
In related news, VP Robert J. Andersen sold 21,521 shares of Tessera Technologies stock in a transaction on Tuesday, September 20th. The stock was 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 $3,003,175. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas A. Lacey sold 40,000 shares of Tessera Technologies 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 disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in TSRA. PNC Financial Services Group Inc. boosted its stake in Tessera Technologies by 3.6% in the second quarter. PNC Financial Services Group Inc. now owns 6,239 shares of the company’s stock worth $191,000 after buying an additional 214 shares during the last quarter. Quantbot Technologies LP boosted its stake in shares of Tessera Technologies by 104.6% in the second quarter. Quantbot Technologies LP now owns 6,500 shares of the company’s stock worth $199,000 after buying an additional 3,323 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Tessera Technologies by 25.5% in the second quarter. Teacher Retirement System of Texas now owns 7,038 shares of the company’s stock worth $216,000 after buying an additional 1,428 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in shares of Tessera Technologies by 4.1% in the second quarter. Cubist Systematic Strategies LLC now owns 7,859 shares of the company’s stock worth $241,000 after buying an additional 310 shares in the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of Tessera Technologies during the second quarter worth $245,000. 97.84% of the stock is owned by hedge funds and other institutional investors.
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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