Rovi Corp. (ROVI) Shares Up 2.8%
Rovi Corp. (NASDAQ:ROVI) shares 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 changing hands. The stock had previously closed at $18.81.
A number of analysts recently weighed in on ROVI shares. B. Riley reissued a “buy” rating and issued a $29.00 price objective on shares of Rovi Corp. in a research report on Friday, July 15th. Piper Jaffray Cos. reissued an “overweight” rating and issued a $27.00 price objective (down from $29.00) on shares of Rovi Corp. in a research report on Monday. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of Rovi Corp. in a research report on Tuesday, May 3rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Rovi Corp. currently has a consensus rating of “Buy” and a consensus target price of $26.50.
The firm’s market cap is $1.58 billion. The stock’s 50-day moving average is $17.28 and its 200 day moving average is $18.31.
Rovi Corp. (NASDAQ:ROVI) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.08. The business had revenue of $125.20 million for the quarter, compared to analyst estimates of $119.31 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. The business’s revenue was down 2.0% compared to the same quarter last year. On average, equities research analysts predict that Rovi Corp. will post $1.69 EPS for the current year.
In other news, Director Glenn W. Welling bought 200,000 shares of the firm’s stock in a transaction on Thursday, May 12th. The shares were bought at an average cost of $16.24 per share, for a total transaction of $3,248,000.00. Following the acquisition, the director now directly owns 28,529 shares of the company’s stock, valued at approximately $463,310.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dustin Finer sold 2,391 shares of the business’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $15.70, for a total transaction of $37,538.70. Following the completion of the transaction, the insider now owns 33,266 shares in the company, valued at $522,276.20. The disclosure for this sale can be found here.
A number of institutional investors have recently bought and sold shares of the stock. Montag A & Associates Inc. purchased a new position in Rovi Corp. during the fourth quarter valued at $3,808,000. KBC Group NV raised its position in Rovi Corp. by 15.7% in the fourth quarter. KBC Group NV now owns 87,615 shares of the company’s stock valued at $1,460,000 after buying an additional 11,860 shares during the last quarter. Paradigm Capital Management Inc. NY raised its position in Rovi Corp. by 3.1% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 231,100 shares of the company’s stock valued at $3,850,000 after buying an additional 7,000 shares during the last quarter. Diamond Hill Capital Management Inc. raised its position 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 valued at $6,378,000 after buying an additional 5,130 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position 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.
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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