Tessera Technologies Inc. (NASDAQ:TSRA) was down 2% during mid-day trading 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.

Several equities research analysts have issued reports on TSRA shares. Zacks Investment Research upgraded shares of Tessera Technologies from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Thursday, May 5th. TheStreet raised shares of Tessera Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday, May 3rd. Finally, Bank of America Corp. reissued a “buy” rating on shares of Tessera Technologies in a research report on Tuesday, May 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $44.67.

The company’s 50-day moving average price is $31.47 and its 200 day moving average price is $29.97. The stock has a market capitalization of $1.56 billion and a P/E ratio of 16.49.

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

In related news, Director Richard Hill sold 25,000 shares of the stock in a transaction on Tuesday, June 14th. The shares were sold at an average price of $32.09, for a total transaction of $802,250.00. Following the transaction, the director now directly owns 48,664 shares of the company’s stock, valued at $1,561,627.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

A number of hedge funds and institutional investors recently modified their holdings of TSRA. Airain ltd raised its position in shares of 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 in the last quarter. TrimTabs Asset Management LLC bought a new position in shares of Tessera Technologies during the fourth quarter valued at about $2,028,000. Trexquant Investment LP bought a new position in shares of Tessera Technologies during the fourth quarter valued at about $1,056,000. US Bancorp DE raised its position in shares of 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 in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Tessera Technologies by 36.8% in the fourth quarter. Marshall Wace LLP now owns 665,054 shares of the company’s stock valued at $19,958,000 after buying an additional 178,882 shares in 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.