Zacks Investment Research upgraded shares of Telenav (NASDAQ:TNAV) from a hold rating to a buy rating in a research report report published on Friday morning, Zacks.com reports. They currently have $12.00 target price on the technology company’s stock.

According to Zacks, “TeleNav, Inc. is a provider of location based services, or LBS, including voice guided navigation, on mobile phones. Its core LBS solution is GPS Navigator which offers features such as real time traffic alerts, route planning and updated POIs. The Company’s other products include TeleNav Track and TeleNav Shotgun. Through the Company’s hosted service delivery model, it provides its solutions through the networks of wireless carriers in the United States, including Sprint and AT&T, as well as through certain carriers in other countries. The Company is also using its LBS platform to develop new offerings such as a feature rich, in-dash navigation solution for automotive consumers. Additionally, TeleNav is broadening the scope of the LBS platform by developing solutions that support a broad range of location enhanced applications such as location based mobile advertising, commerce and social networking. TeleNav, Inc. is headquartered in Sunnyvale, California. “

Several other equities research analysts have also weighed in on TNAV. ValuEngine lowered Telenav from a buy rating to a hold rating in a report on Thursday, August 1st. Northland Securities reiterated a buy rating and set a $11.00 price target on shares of Telenav in a report on Friday, May 10th. BidaskClub upgraded Telenav from a buy rating to a strong-buy rating in a report on Friday. Finally, B. Riley reiterated a buy rating on shares of Telenav in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $11.50.

TNAV opened at $11.35 on Friday. The business has a 50 day moving average price of $9.24 and a 200 day moving average price of $7.16. Telenav has a twelve month low of $3.35 and a twelve month high of $11.53. The firm has a market cap of $504.35 million, a P/E ratio of -17.46 and a beta of 0.71.

In other news, insider Salman Dhanani sold 308,138 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $10.02, for a total transaction of $3,087,542.76. Following the completion of the transaction, the insider now directly owns 127,195 shares in the company, valued at $1,274,493.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Hassan Wahla sold 49,999 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $7.40, for a total value of $369,992.60. Following the transaction, the insider now owns 181,164 shares of the company’s stock, valued at $1,340,613.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 655,318 shares of company stock valued at $5,790,768. Corporate insiders own 24.82% of the company’s stock.

Hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA lifted its holdings in shares of Telenav by 1,645.3% during the first quarter. BNP Paribas Arbitrage SA now owns 6,545 shares of the technology company’s stock worth $40,000 after buying an additional 6,170 shares during the last quarter. BlackRock Inc. increased its position in shares of Telenav by 3.2% during the fourth quarter. BlackRock Inc. now owns 1,742,870 shares of the technology company’s stock valued at $7,076,000 after purchasing an additional 54,720 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Telenav by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,187,880 shares of the technology company’s stock valued at $4,823,000 after purchasing an additional 20,195 shares during the period. Virtu Financial LLC bought a new stake in shares of Telenav during the first quarter valued at approximately $155,000. Finally, Optimum Investment Advisors bought a new stake in shares of Telenav during the first quarter valued at approximately $30,000. Institutional investors own 53.96% of the company’s stock.

About Telenav

Telenav, Inc, together with its subsidiaries provides connected car and location-based platform services in the United States and internationally. The company operates through three segments: Automotive, Advertising, and Mobile Navigation. It offers automotive navigation services, including on-board solutions, which consist of software, map, and points of interest data loaded in vehicles that provide voice-guided turn by turn navigation displayed on the vehicle screen; and brought-in navigation services.

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