Tessera Technologies Inc. (TSRA) Shares Gap Up to $31.95
Shares of Tessera Technologies Inc. (NASDAQ:TSRA) gapped up before the market opened on Monday . The stock had previously closed at $31.88, but opened at $31.95. Tessera Technologies shares last traded at $32.10, with a volume of 60,321 shares changing hands.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research lowered Tessera Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 5th. TheStreet raised Tessera Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, May 3rd. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of Tessera Technologies in a research note on Tuesday, May 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $44.67.
The company’s 50-day moving average price is $31.49 and its 200 day moving average price is $29.90. The stock has a market capitalization of $1.57 billion and a P/E ratio of 16.62.
Tessera Technologies (NASDAQ:TSRA) last issued its earnings results on Monday, May 2nd. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. The firm earned $60 million during the quarter, compared to analysts’ expectations of $57.73 million. The business’s revenue was down 24.9% on a year-over-year basis. During the same quarter last year, the business earned $0.74 EPS. On average, equities research analysts anticipate that Tessera Technologies Inc. will post $2.31 EPS for the current year.
In other Tessera Technologies news, Director Richard Hill sold 25,000 shares of Tessera Technologies stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $32.09, for a total transaction of $802,250.00. Following the completion of the transaction, the director now owns 48,664 shares in the company, valued at approximately $1,561,627.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Other institutional investors recently added to or reduced their stakes in the company. Marshall Wace LLP raised its position in Tessera Technologies by 36.8% in the fourth quarter. Marshall Wace LLP now owns 665,054 shares of the company’s stock worth $19,958,000 after buying an additional 178,882 shares during the last quarter. Morgan Stanley raised its position in Tessera Technologies by 12.0% in the fourth quarter. Morgan Stanley now owns 641,755 shares of the company’s stock worth $19,259,000 after buying an additional 68,733 shares during the last quarter. Royce & Associates LLC raised its position in Tessera Technologies by 63.6% in the fourth quarter. Royce & Associates LLC now owns 482,490 shares of the company’s stock worth $14,480,000 after buying an additional 187,640 shares during the last quarter. Principal Financial Group Inc. raised its position in Tessera Technologies by 2.5% in the fourth quarter. Principal Financial Group Inc. now owns 329,280 shares of the company’s stock worth $9,882,000 after buying an additional 8,131 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Tessera Technologies by 3.1% in the fourth quarter. California Public Employees Retirement System now owns 136,400 shares of the company’s stock worth $4,093,000 after buying an additional 4,100 shares during 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.
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