Zacks Investment Research lowered shares of TiVo (NASDAQ:TIVO) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “Estimates have remained stable ahead of TiVo’s fourth-quarter 2017 results. The company has been benefiting from new licensing agreements, as well as the introduction of innovative products. Going ahead, the merger of TiVo and Rovi has brought together two leading players in the media entertainment industry, with complementary products and services, as well as a number of patented technologies. Nonetheless, we are concerned about the uncertainty regarding the settlement of the ongoing dispute between TiVo and Comcast. Comcast has decided to fight against the ruling in the US Patent and Trademark office, which may take another 8-12 months to resolve. Also, Comcast may not renew its existing licensing agreement with TiVo, which is set to expire in July this year, thereby resulting in a huge loss of revenues for the company. All this makes us increasingly cautious about TiVo near-term prospects.”
A number of other analysts also recently weighed in on TIVO. B. Riley reiterated a buy rating and issued a $31.00 price target on shares of TiVo in a research report on Monday, October 30th. Piper Jaffray Companies reiterated a buy rating and issued a $25.00 price target on shares of TiVo in a research report on Friday, November 3rd. Finally, BWS Financial started coverage on shares of TiVo in a research report on Monday, January 22nd. They issued a buy rating and a $25.00 price target on the stock. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $23.20.
In related news, CEO Enrique Rodriguez bought 55,974 shares of the company’s stock in a transaction on Friday, December 1st. The shares were purchased at an average cost of $17.86 per share, for a total transaction of $999,695.64. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.57% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in TiVo by 3.6% during the 4th quarter. BlackRock Inc. now owns 15,835,515 shares of the technology company’s stock worth $247,034,000 after buying an additional 554,404 shares during the period. Ameriprise Financial Inc. raised its holdings in TiVo by 0.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 9,028,365 shares of the technology company’s stock worth $179,212,000 after buying an additional 78,221 shares during the period. State Street Corp raised its holdings in TiVo by 5.1% during the 2nd quarter. State Street Corp now owns 3,138,996 shares of the technology company’s stock worth $58,540,000 after buying an additional 151,139 shares during the period. Neuberger Berman Group LLC raised its holdings in TiVo by 9.7% during the 3rd quarter. Neuberger Berman Group LLC now owns 2,627,610 shares of the technology company’s stock worth $52,158,000 after buying an additional 232,034 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in TiVo by 54.9% during the 4th quarter. Bank of New York Mellon Corp now owns 2,386,223 shares of the technology company’s stock worth $37,225,000 after buying an additional 845,257 shares during the period. Hedge funds and other institutional investors own 89.96% of the company’s stock.
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TiVo Corporation is engaged in offering media and entertainment products. The Company operates through two segments: Intellectual Property Licensing and Product. The Company’s Product segment includes a suite of component technologies that can be integrated into media service provider internally developed platforms or deployed as an integrated TiVo solution.
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