Rovi Corp. (ROVI) Trading Down 0.7%
Rovi Corp. (NASDAQ:ROVI) shares traded down 0.7% during mid-day trading on Tuesday . The company 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.
A number of research analysts have issued reports on the company. B. Riley reissued a “buy” rating and set a $29.00 price objective on shares of Rovi Corp. in a report on Thursday, April 7th. Piper Jaffray Cos. reissued a “buy” rating on shares of Rovi Corp. in a report on Saturday, April 2nd. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of Rovi Corp. in a report on Saturday, April 2nd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Rovi Corp. has a consensus rating of “Buy” and an average target price of $26.83.
The company has a 50 day moving average price of $16.41 and a 200 day moving average price of $18.17. The stock’s market capitalization is $1.42 billion.
Rovi Corp. (NASDAQ:ROVI) last issued its quarterly earnings data on Friday, April 29th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06. During the same period in the prior year, the company earned $0.39 earnings per share. The firm earned $118.40 million during the quarter, compared to analyst estimates of $116.51 million. The business’s quarterly revenue was down 11.7% compared to the same quarter last year. Equities research analysts anticipate that Rovi Corp. will post $1.67 EPS for the current year.
In related news, Director Glenn W. Welling bought 200,000 shares of the business’s stock in a transaction dated Thursday, May 12th. The stock was purchased at an average cost of $16.24 per share, for a total transaction of $3,248,000.00. Following the transaction, the director now owns 28,529 shares in the company, valued at approximately $463,310.96. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dustin Finer sold 2,391 shares of the company’s stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $15.70, for a total value of $37,538.70. Following the sale, the insider now owns 33,266 shares of the company’s stock, valued at $522,276.20. The disclosure for this sale can be found here.
Other hedge funds recently added to or reduced their stakes in the company. Jennison Associates increased its stake in 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 during the last quarter. Heartland Advisors Inc. increased its stake in Rovi Corp. by 30.0% in the fourth quarter. Heartland Advisors Inc. now owns 1,300,000 shares of the company’s stock worth $21,658,000 after buying an additional 300,000 shares during the last quarter. Principal Financial Group Inc. increased its stake in Rovi Corp. by 109.2% in the fourth quarter. Principal Financial Group Inc. now owns 556,103 shares of the company’s stock worth $9,265,000 after buying an additional 290,263 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in Rovi Corp. by 1.4% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 382,807 shares of the company’s stock worth $6,378,000 after buying an additional 5,130 shares during the last quarter. Finally, Nationwide Fund Advisors increased its stake in 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 during 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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