Rovi Corp. (ROVI) Shares Up 2.8%
Rovi Corp. (NASDAQ:ROVI) shot up 2.8% during trading on Monday . The company traded as high as $19.40 and last traded at $19.33, with a volume of 651,615 shares. The stock had previously closed at $18.81.
A number of brokerages have recently commented on ROVI. Piper Jaffray Cos. reiterated an “overweight” rating and set a $27.00 price target (down from $29.00) on shares of Rovi Corp. in a report on Monday. JPMorgan Chase & Co. reissued a “buy” rating and issued a $34.00 target price on shares of Rovi Corp. in a research report on Friday. B. Riley reissued a “buy” rating and issued a $29.00 target price on shares of Rovi Corp. in a research report on Friday. Finally, Zacks Investment Research raised shares of Rovi Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, July 5th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $26.50.
The firm’s market cap is $1.59 billion. The firm’s 50-day moving average price is $17.07 and its 200 day moving average price is $18.26.
Rovi Corp. (NASDAQ:ROVI) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.11) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.42. During the same period last year, the firm earned $0.04 earnings per share. The business had revenue of $125.20 million for the quarter, compared to the consensus estimate of $119.31 million. The company’s revenue was down 2.0% compared to the same quarter last year. Equities analysts predict that Rovi Corp. will post $1.67 EPS for the current year.
In other Rovi Corp. news, insider Dustin Finer sold 2,391 shares of the business’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $15.70, for a total transaction of $37,538.70. Following the sale, the insider now owns 33,266 shares in the company, valued at approximately $522,276.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Glenn W. Welling acquired 200,000 shares of the business’s stock in a transaction on Thursday, May 12th. The shares were bought at an average price of $16.24 per share, for a total transaction of $3,248,000.00. Following the acquisition, the director now owns 28,529 shares in the company, valued at approximately $463,310.96. The disclosure for this purchase can be found here.
Other hedge funds recently bought and sold shares of the company. 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 valued at $9,265,000 after buying an additional 290,263 shares during the last quarter. 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 valued at $39,588,000 after buying an additional 282,166 shares during the last quarter. Montag A & Associates Inc. bought a new stake in Rovi Corp. during the fourth quarter valued at about $3,808,000. First Trust Advisors LP bought a new stake in Rovi Corp. during the fourth quarter valued at about $3,334,000. Finally, Comerica Bank increased its stake in Rovi Corp. by 38.6% in the fourth quarter. Comerica Bank now owns 83,861 shares of the company’s stock valued at $1,381,000 after buying an additional 23,374 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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