Tessera Technologies Inc. (NASDAQ:TSRA)’s share price dropped 2% on Friday . The stock traded as low as $31.58 and last traded at $31.82, with a volume of 193,127 shares trading hands. The stock had previously closed at $32.47.

TSRA has been the subject of several recent research reports. Zacks Investment Research raised shares of Tessera Technologies from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a report on Thursday, May 5th. TheStreet raised shares of Tessera Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, May 3rd. Finally, Bank of America Corp. reaffirmed 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 given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $44.67.

The stock has a market capitalization of $1.56 billion and a PE ratio of 16.49. The firm’s 50-day moving average is $31.50 and its 200-day moving average is $29.95.

Tessera Technologies (NASDAQ:TSRA) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. During the same quarter in the prior year, the company earned $0.74 earnings per share. The company earned $60 million during the quarter, compared to analysts’ expectations of $57.73 million. The business’s revenue for the quarter was down 24.9% on a year-over-year basis. On average, equities research analysts anticipate that Tessera Technologies Inc. will post $2.31 earnings per share for the current year.

In other Tessera Technologies news, Director Richard Hill sold 7,278 shares of the stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $32.19, for a total value of $234,278.82. Following the transaction, the director now directly owns 48,664 shares in the company, valued at $1,566,494.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Several large investors have recently bought and sold shares of TSRA. Airain ltd increased its stake in Tessera Technologies by 203.8% in the fourth quarter. Airain ltd now owns 33,670 shares of the company’s stock valued at $1,010,000 after buying an additional 22,586 shares during the last quarter. Trexquant Investment LP purchased a new stake in Tessera Technologies during the fourth quarter valued at $1,056,000. Stevens Capital Management LP increased its stake in Tessera Technologies by 12.6% in the fourth quarter. Stevens Capital Management LP now owns 41,527 shares of the company’s stock valued at $1,246,000 after buying an additional 4,654 shares during the last quarter. Comerica Bank increased its stake in Tessera Technologies by 6.7% in the fourth quarter. Comerica Bank now owns 65,288 shares of the company’s stock valued at $1,782,000 after buying an additional 4,104 shares during the last quarter. Finally, US Bancorp DE increased its stake in Tessera Technologies by 4.9% in the fourth quarter. US Bancorp DE now owns 59,536 shares of the company’s stock valued at $1,786,000 after buying an additional 2,795 shares during the last quarter.

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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