Tessera Technologies Inc. (NASDAQ:TSRA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Tessera is a provider of back-end technology for semiconductor manufacturing.  Tessera posted better-than-expected second quarter results with both the top line and the bottom line outperforming our estimates. The company is focused on building a high-margin licensing model and therefore the host of patents, new technologies and customer wins are encouraging. The product portfolio has also been revamped to target the mobile segment, which should help growth.  Its deal with ASE also has tremendous potential.  However, protection of IP, its pricing strategy and customer concentration remain risks.”

Tessera Technologies (NASDAQ:TSRA) traded up 2.07% during mid-day trading on Wednesday, reaching $36.01. 157,717 shares of the company traded hands. Tessera Technologies has a 12-month low of $26.21 and a 12-month high of $37.87. The firm has a market capitalization of $1.75 billion, a P/E ratio of 18.90 and a beta of 1.14. The company’s 50 day moving average price is $33.02 and its 200 day moving average price is $31.40.

Tessera Technologies (NASDAQ:TSRA) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The business had revenue of $67.02 million for the quarter, compared to analysts’ expectations of $65.17 million. Tessera Technologies had a return on equity of 21.80% and a net margin of 37.81%. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.58 EPS. Equities research analysts predict that Tessera Technologies will post $2.24 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 22nd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $0.80 annualized dividend and a dividend yield of 2.27%. Tessera Technologies’s dividend payout ratio (DPR) is 42.11%.

In related news, Director John Chenault sold 15,000 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $32.25, for a total transaction of $483,750.00. Following the sale, the director now owns 14,780 shares in the company, valued at approximately $476,655. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director George Andrew Riedel sold 4,500 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $32.68, for a total value of $147,060.00. Following the sale, the director now owns 28,180 shares in the company, valued at approximately $920,922.40. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in TSRA. potrero capital research llc raised its stake in Tessera Technologies by 9.3% in the first quarter. potrero capital research llc now owns 288,527 shares of the company’s stock valued at $8,944,000 after buying an additional 24,500 shares during the last quarter. Menta Capital LLC raised its stake in Tessera Technologies by 28.1% in the first quarter. Menta Capital LLC now owns 32,337 shares of the company’s stock valued at $1,002,000 after buying an additional 7,100 shares during the last quarter. Royce & Associates LP raised its stake in Tessera Technologies by 39.7% in the first quarter. Royce & Associates LP now owns 674,020 shares of the company’s stock valued at $20,895,000 after buying an additional 191,530 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Tessera Technologies by 11.6% in the first quarter. JPMorgan Chase & Co. now owns 64,128 shares of the company’s stock valued at $1,988,000 after buying an additional 6,678 shares during the last quarter. Finally, Trigran Investments Inc. raised its stake in Tessera Technologies by 15.3% in the first quarter. Trigran Investments Inc. now owns 1,211,951 shares of the company’s stock valued at $37,571,000 after buying an additional 160,469 shares during the last quarter. Institutional investors own 97.84% of the company’s stock.

Tessera Technologies Company Profile

Tessera Technologies, Inc, including its subsidiaries, Invensas Corporation (Invensas), FotoNation Limited (FotoNation) and Ziptronix, Inc (Ziptronix), licenses its technologies and intellectual property to customers for use in areas, such as mobile computing and communications, memory and data storage, and three dimensional (3-D) Integrated Circuit (3D-IC) technologies.

5 Day Chart for NASDAQ:TSRA

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