TiVo (NASDAQ:TIVO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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 equities analysts have also recently issued reports on TIVO. B. Riley reiterated a “buy” rating and issued a $31.00 target price on shares of TiVo in a report on Monday, October 30th. Piper Jaffray Companies reiterated a “buy” rating and issued a $25.00 target price on shares of TiVo in a report on Friday, November 3rd. Finally, BWS Financial initiated coverage on TiVo in a report on Monday, January 22nd. They issued a “buy” rating and a $25.00 target price on the stock. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $23.20.
Shares of TiVo (NASDAQ:TIVO) traded down $0.05 on Wednesday, hitting $13.30. The company had a trading volume of 744,600 shares, compared to its average volume of 1,409,308. TiVo has a 12 month low of $12.75 and a 12 month high of $21.75. The company has a current ratio of 2.38, a quick ratio of 2.33 and a debt-to-equity ratio of 0.53. The company has a market cap of $1,629.42, a PE ratio of -34.10, a P/E/G ratio of 1.05 and a beta of -0.10.
In related news, CEO Enrique Rodriguez purchased 55,974 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was acquired at an average cost of $17.86 per share, with a total value of $999,695.64. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.57% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its position in shares of TiVo by 17.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,313 shares of the technology company’s stock valued at $155,000 after purchasing an additional 1,239 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of TiVo by 8.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 11,207 shares of the technology company’s stock valued at $209,000 after purchasing an additional 856 shares during the last quarter. Shelton Capital Management increased its position in shares of TiVo by 7.4% during the 2nd quarter. Shelton Capital Management now owns 12,011 shares of the technology company’s stock valued at $224,000 after purchasing an additional 824 shares during the last quarter. AMP Capital Investors Ltd purchased a new stake in shares of TiVo during the 4th quarter valued at $192,000. Finally, Suntrust Banks Inc. purchased a new stake in shares of TiVo during the 4th quarter valued at $199,000. 89.96% of the stock is owned by institutional investors and hedge funds.
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TiVo Company Profile
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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