Tessera Technologies Inc. (TSRA) Stock Rating Reaffirmed by Benchmark Co.
Tessera Technologies Inc. (NASDAQ:TSRA)‘s stock had its “buy” rating reissued by investment analysts at Benchmark Co. in a note issued to investors on Wednesday. They presently have a $45.00 target price on the stock. Benchmark Co.’s price objective points to a potential upside of 27.55% from the company’s current price.
The analysts wrote, “We believe DTS is an indication of management dedication to do so.””
Separately, Zacks Investment Research upgraded Tessera Technologies from a “sell” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $44.00.
Tessera Technologies (NASDAQ:TSRA) traded up 3.46% during mid-day trading on Wednesday, hitting $36.50. The stock had a trading volume of 412,223 shares. Tessera Technologies has a 12-month low of $26.21 and a 12-month high of $37.87. The firm has a market cap of $1.77 billion, a PE ratio of 19.16 and a beta of 1.14. The company has a 50-day moving average of $33.02 and a 200-day moving average of $31.40.
Tessera Technologies (NASDAQ:TSRA) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.04. The business earned $67.02 million during 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 business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 EPS. Analysts expect that Tessera Technologies will post $2.24 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 22nd were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, August 18th. This represents a $0.80 annualized dividend and a dividend yield of 2.27%. Tessera Technologies’s dividend payout ratio is presently 42.11%.
In other news, Director Richard Hill sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $32.09, for a total transaction of $802,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director George Andrew Riedel sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $32.68, for a total value of $147,060.00. Following the sale, the director now owns 28,180 shares of the company’s stock, valued at $920,922.40. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in TSRA. New Century Investment Management Inc. increased its stake in shares of Tessera Technologies by 0.4% in the first quarter. New Century Investment Management Inc. now owns 12,309 shares of the company’s stock valued at $382,000 after buying an additional 52 shares in the last quarter. Glenmede Trust Co. NA increased its stake in shares of Tessera Technologies by 18.6% in the first quarter. Glenmede Trust Co. NA now owns 1,045,211 shares of the company’s stock valued at $32,400,000 after buying an additional 163,642 shares in the last quarter. Aperio Group LLC increased its stake in shares of Tessera Technologies by 5.6% in the first quarter. Aperio Group LLC now owns 8,095 shares of the company’s stock valued at $251,000 after buying an additional 430 shares in the last quarter. Ramsey Quantitative Systems increased its stake in shares of Tessera Technologies by 15.6% in the first quarter. Ramsey Quantitative Systems now owns 26,420 shares of the company’s stock valued at $819,000 after buying an additional 3,573 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new stake in shares of Tessera Technologies during the first quarter valued at $372,000. Institutional investors own 97.84% of the company’s stock.
About Tessera Technologies
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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