Tessera Technologies Inc. (NASDAQ:TSRA) shares gapped up before the market opened on Monday . The stock had previously closed at $31.88, but opened at $31.95. Tessera Technologies shares last traded at $32.10, with a volume of 60,321 shares trading hands.

A number of brokerages have recently weighed in on TSRA. TheStreet upgraded Tessera Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, May 3rd. Zacks Investment Research downgraded Tessera Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 5th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Tessera Technologies in a report on Tuesday, May 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Tessera Technologies presently has an average rating of “Buy” and an average price target of $44.67.

The stock has a market cap of $1.60 billion and a PE ratio of 16.91. The company’s 50-day moving average price is $31.51 and its 200 day moving average price is $29.91.

Tessera Technologies (NASDAQ:TSRA) last posted its quarterly earnings data on Monday, May 2nd. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.03. The firm had revenue of $60 million for the quarter, compared to analyst estimates of $57.73 million. During the same period in the prior year, the company posted $0.74 EPS. The firm’s quarterly revenue was down 24.9% compared to the same quarter last year. Analysts forecast that Tessera Technologies Inc. will post $2.31 EPS for the current fiscal year.

In other Tessera Technologies news, Director Richard Hill sold 7,278 shares of the company’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $32.19, for a total transaction of $234,278.82. Following the transaction, the director now owns 48,664 shares of the company’s stock, valued at approximately $1,566,494.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Several hedge funds and institutional investors recently bought and sold shares of the stock. Trexquant Investment LP bought a new position in Tessera Technologies during the fourth quarter worth $1,056,000. US Bancorp DE increased its position in Tessera Technologies by 4.9% in the fourth quarter. US Bancorp DE now owns 59,536 shares of the company’s stock worth $1,786,000 after buying an additional 2,795 shares during the period. Marshall Wace LLP increased its position in Tessera Technologies by 36.8% in the fourth quarter. Marshall Wace LLP now owns 665,054 shares of the company’s stock worth $19,958,000 after buying an additional 178,882 shares during the period. Freestone Capital Holdings LLC increased its position in Tessera Technologies by 213.2% in the fourth quarter. Freestone Capital Holdings LLC now owns 98,391 shares of the company’s stock worth $2,953,000 after buying an additional 66,981 shares during the period. Finally, Royce & Associates LLC increased its position in Tessera Technologies by 63.6% in the fourth quarter. Royce & Associates LLC now owns 482,490 shares of the company’s stock worth $14,480,000 after buying an additional 187,640 shares during the period.

Tessera Technologies, Inc is a holding company. The Company operates its business through its subsidiaries, which include Invensas Corporation (Invensas), which is engaged in semiconductor interconnect innovation and intellectual property licensing, and FotoNation Limited (FotoNation), which provides face-oriented imaging technologies.

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