Rovi Corp. (ROVI) Stock Price Down 0.7%
Shares of Rovi Corp. (NASDAQ:ROVI) fell 0.7% during mid-day trading on Tuesday . The stock traded as low as $17.16 and last traded at $17.24, with a volume of 296,875 shares changing hands. The stock had previously closed at $17.36.
Several brokerages recently issued reports on ROVI. B. Riley reiterated a “buy” rating and issued a $29.00 price target on shares of Rovi Corp. in a report on Monday, March 21st. Zacks Investment Research upgraded Rovi Corp. from a “sell” rating to a “hold” rating in a report on Thursday, April 14th. Piper Jaffray Cos. reiterated a “buy” rating on shares of Rovi Corp. in a report on Saturday, April 2nd. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Rovi Corp. in a report on Saturday, April 2nd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $26.83.
The company has a 50-day moving average of $16.40 and a 200 day moving average of $18.17. The company’s market cap is $1.41 billion.
Rovi Corp. (NASDAQ:ROVI) last issued its quarterly earnings results on Friday, April 29th. The company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.06. During the same period last year, the firm posted $0.39 earnings per share. The company earned $118.40 million during the quarter, compared to analysts’ expectations of $116.51 million. Rovi Corp.’s quarterly revenue was down 11.7% compared to the same quarter last year. Equities analysts forecast that Rovi Corp. will post $1.67 EPS for the current fiscal year.
In other news, Director Glenn W. Welling acquired 200,000 shares of the stock in a transaction that occurred on Thursday, May 12th. The shares were acquired at an average cost of $16.24 per share, for a total transaction of $3,248,000.00. Following the purchase, the director now owns 28,529 shares of the company’s stock, valued at approximately $463,310.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dustin Finer sold 2,391 shares of the business’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $15.70, for a total value of $37,538.70. Following the completion of the sale, the insider now owns 33,266 shares in the company, valued at $522,276.20. The disclosure for this sale can be found here.
A number of large investors have recently made changes to their positions in ROVI. Jennison Associates boosted its stake in shares of Rovi Corp. by 8.1% in the third quarter. Jennison Associates now owns 3,773,882 shares of the company’s stock worth $39,588,000 after buying an additional 282,166 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Rovi Corp. by 26.8% in the fourth quarter. Nationwide Fund Advisors now owns 320,165 shares of the company’s stock worth $5,334,000 after buying an additional 67,602 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of Rovi Corp. during the fourth quarter worth about $3,334,000. LSV Asset Management purchased a new stake in shares of Rovi Corp. during the fourth quarter worth about $4,769,000. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Rovi Corp. by 2.4% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 170,200 shares of the company’s stock worth $2,836,000 after buying an additional 3,937 shares in the last quarter.
Rovi Corporation powers entertainment discovery and personalization through product technology and intellectual property using data and analytics to monetize interactions across various entertainment platforms. The Company’s segments include Intellectual Property Licensing and Product. The Intellectual Property Licensing segment consists of interactive program guides (IPG) patent licensing to third party guide developers, such as multi-channel video service providers (cable, satellite and Internet-protocol television), consumer electronics manufacturers, set-top box manufacturers and interactive television software and program guide providers in the online, over-the-top video and mobile phone businesses.
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