Rovi Corp. (ROVI) Shares Up 3.4%
Rovi Corp. (NASDAQ:ROVI)’s share price shot up 3.4% during mid-day trading on Friday . The company traded as high as $21.31 and last traded at $21.29, with a volume of 1,354,980 shares changing hands. The stock had previously closed at $20.58.
A number of research firms recently issued reports on ROVI. B. Riley restated a “buy” rating and set a $29.00 price objective on shares of Rovi Corp. in a report on Thursday, July 7th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $27.00 target price (down from $29.00) on shares of Rovi Corp. in a report on Monday, August 1st. Zacks Investment Research cut Rovi Corp. from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. Finally, JPMorgan Chase & Co. upgraded Rovi Corp. from a “neutral” rating to an “outperform” rating and set a $23.00 target price for the company in a report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $26.00.
The company has a 50-day moving average of $19.68 and a 200-day moving average of $18.61. The company’s market capitalization is $1.77 billion.
Rovi Corp. (NASDAQ:ROVI) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.31 by $0.08. The company earned $125.20 million during the quarter, compared to analyst estimates of $119.31 million. Rovi Corp.’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.04 EPS. On average, equities research analysts anticipate that Rovi Corp. will post $1.59 earnings per share for the current year.
In related news, insider Dustin Finer sold 2,391 shares of the stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $15.70, for a total value of $37,538.70. Following the completion of the sale, the insider now owns 33,266 shares of the company’s stock, valued at $522,276.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Pamela A. Sergeeff sold 1,616 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $17.93, for a total value of $28,974.88. Following the completion of the sale, the executive vice president now directly owns 82,390 shares of the company’s stock, valued at approximately $1,477,252.70. The disclosure for this sale can be found here.
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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