Immersion (IMMR) Upgraded by Dougherty & Co to Buy

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Dougherty & Co upgraded shares of Immersion (NASDAQ:IMMR) from a neutral rating to a buy rating in a report released on Tuesday morning, BenzingaRatingsTable reports. They currently have $13.00 target price on the software maker’s stock.

Several other research firms also recently commented on IMMR. BidaskClub downgraded shares of Immersion from a sell rating to a strong sell rating in a report on Saturday, February 23rd. B. Riley reiterated a neutral rating and issued a $9.50 price objective (down from $18.00) on shares of Immersion in a report on Friday, February 22nd. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. Immersion presently has an average rating of Hold and an average price target of $13.13.

NASDAQ:IMMR opened at $8.50 on Tuesday. Immersion has a one year low of $7.89 and a one year high of $17.70. The firm has a market capitalization of $290.92 million, a price-to-earnings ratio of 4.89 and a beta of 1.04.

Immersion (NASDAQ:IMMR) last released its quarterly earnings data on Monday, May 13th. The software maker reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.01). Immersion had a negative net margin of 86.54% and a negative return on equity of 27.08%. The company had revenue of $5.10 million during the quarter, compared to analyst estimates of $5.10 million. During the same quarter in the prior year, the firm earned $2.34 earnings per share. Immersion’s revenue for the quarter was down 94.0% on a year-over-year basis. Equities research analysts predict that Immersion will post -0.99 EPS for the current year.

In related news, VP Anne Marie Peters sold 29,588 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $8.19, for a total value of $242,325.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Nancy Erba sold 3,554 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $8.32, for a total transaction of $29,569.28. Following the completion of the transaction, the chief financial officer now owns 70,647 shares in the company, valued at $587,783.04. The disclosure for this sale can be found here. Insiders sold 72,442 shares of company stock worth $604,243 over the last 90 days. 18.59% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in IMMR. Dimensional Fund Advisors LP grew its stake in shares of Immersion by 125.8% in the third quarter. Dimensional Fund Advisors LP now owns 685,510 shares of the software maker’s stock valued at $7,246,000 after acquiring an additional 381,902 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Immersion by 11,307.7% in the third quarter. JPMorgan Chase & Co. now owns 770,704 shares of the software maker’s stock valued at $8,146,000 after acquiring an additional 763,948 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Immersion by 34.8% in the third quarter. Renaissance Technologies LLC now owns 249,213 shares of the software maker’s stock valued at $2,634,000 after acquiring an additional 64,400 shares in the last quarter. MetLife Investment Advisors LLC grew its stake in shares of Immersion by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 21,774 shares of the software maker’s stock valued at $230,000 after acquiring an additional 7,745 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Immersion by 11.4% in the third quarter. Vanguard Group Inc. now owns 1,767,886 shares of the software maker’s stock valued at $18,687,000 after acquiring an additional 181,293 shares in the last quarter. Institutional investors and hedge funds own 77.67% of the company’s stock.

Immersion Company Profile

Immersion Corporation creates, designs, develops, and licenses haptic technologies in North America, Europe, and Asia. Its technologies allow people to use their sense of touch when they engage with various digital products. The company offers TouchSense Lite and TouchSense Premium patent licenses, haptic technologies to original equipment manufacturers.

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