Telenav Inc (TNAV) Rating Increased to Buy at Sidoti
Telenav Inc (NASDAQ:TNAV) was upgraded by stock analysts at Sidoti from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, The Fly reports.
A number of other brokerages have also issued reports on TNAV. Zacks Investment Research lowered shares of Telenav from a “buy” rating to a “hold” rating in a research note on Saturday, January 28th. B. Riley restated a “buy” rating and set a $11.00 price target on shares of Telenav in a research note on Wednesday, January 25th.
Telenav (NASDAQ:TNAV) traded up 6.21% during midday trading on Friday, reaching $8.55. 207,224 shares of the company’s stock were exchanged. Telenav has a 12-month low of $4.49 and a 12-month high of $10.15. The stock’s 50-day moving average is $8.59 and its 200-day moving average is $7.78. The stock’s market capitalization is $373.93 million.
In other news, CFO Michael Strambi sold 10,000 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $8.70, for a total value of $87,000.00. Following the sale, the chief financial officer now owns 41,578 shares in the company, valued at $361,728.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Evan Berg sold 5,329 shares of the stock in a transaction on Friday, May 5th. The stock was sold at an average price of $8.80, for a total transaction of $46,895.20. Following the completion of the sale, the vice president now owns 21,766 shares in the company, valued at approximately $191,540.80. The disclosure for this sale can be found here. 24.60% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in TNAV. Fortaleza Asset Management Inc. acquired a new stake in Telenav during the first quarter worth $106,000. Parkwood LLC raised its stake in Telenav by 42.5% in the first quarter. Parkwood LLC now owns 14,680 shares of the technology company’s stock valued at $127,000 after buying an additional 4,375 shares in the last quarter. Nordea Investment Management AB purchased a new stake in Telenav during the first quarter valued at approximately $128,000. ClariVest Asset Management LLC purchased a new stake in Telenav during the first quarter valued at approximately $128,000. Finally, Strs Ohio raised its stake in Telenav by 130.8% in the first quarter. Strs Ohio now owns 15,000 shares of the technology company’s stock valued at $129,000 after buying an additional 8,500 shares in the last quarter. Hedge funds and other institutional investors own 47.06% of the company’s stock.
TeleNav, Inc (Telenav) is a provider of location-based platform services. The Company’s services consist of its automotive and mobile navigation platform and its advertising delivery platform. The Company operates through three segments: automotive, advertising and mobile navigation. The automotive segment provides its map and navigation platform to auto manufacturers and original equipment manufacturers (OEMs) for distribution with their vehicles.
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