Zacks Investment Research Upgrades Telenav (NASDAQ:TNAV) to Buy

Zacks Investment Research upgraded shares of Telenav (NASDAQ:TNAV) from a hold rating to a buy rating in a research note issued to investors on Friday morning, Zacks.com reports. The firm currently has $12.00 price target on the technology company’s stock.

According to Zacks, “TeleNav, Inc. is a provider of location based services, or LBS, including voice guided navigation, on mobile phones. Its core LBS solution is GPS Navigator which offers features such as real time traffic alerts, route planning and updated POIs. The Company’s other products include TeleNav Track and TeleNav Shotgun. Through the Company’s hosted service delivery model, it provides its solutions through the networks of wireless carriers in the United States, including Sprint and AT&T, as well as through certain carriers in other countries. The Company is also using its LBS platform to develop new offerings such as a feature rich, in-dash navigation solution for automotive consumers. Additionally, TeleNav is broadening the scope of the LBS platform by developing solutions that support a broad range of location enhanced applications such as location based mobile advertising, commerce and social networking. TeleNav, Inc. is headquartered in Sunnyvale, California. “

Other equities analysts have also issued research reports about the company. Northland Securities reaffirmed a buy rating and set a $11.00 price target on shares of Telenav in a research note on Friday, May 10th. B. Riley reaffirmed a buy rating on shares of Telenav in a research note on Wednesday, July 31st. ValuEngine lowered Telenav from a buy rating to a hold rating in a research note on Thursday, August 1st. Finally, BidaskClub raised Telenav from a buy rating to a strong-buy rating in a research note on Friday. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $11.50.

Shares of TNAV opened at $11.35 on Friday. Telenav has a 12-month low of $3.35 and a 12-month high of $11.53. The firm has a market capitalization of $504.35 million, a PE ratio of -17.46 and a beta of 0.71. The stock’s fifty day simple moving average is $9.24 and its 200-day simple moving average is $7.16.

In other Telenav news, insider Hassan Wahla sold 49,999 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $7.40, for a total value of $369,992.60. Following the transaction, the insider now owns 181,164 shares of the company’s stock, valued at $1,340,613.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO H.P. Jin bought 40,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $10.59 per share, for a total transaction of $423,600.00. Following the purchase, the chief executive officer now directly owns 2,143,927 shares of the company’s stock, valued at approximately $22,704,186.93. The disclosure for this purchase can be found here. Insiders have sold 655,318 shares of company stock worth $5,790,768 in the last ninety days. 24.82% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in TNAV. BlackRock Inc. lifted its stake in Telenav by 62.4% in the second quarter. BlackRock Inc. now owns 2,779,478 shares of the technology company’s stock valued at $22,238,000 after buying an additional 1,068,251 shares during the period. Renaissance Technologies LLC lifted its stake in Telenav by 68.7% in the second quarter. Renaissance Technologies LLC now owns 1,004,869 shares of the technology company’s stock valued at $8,039,000 after buying an additional 409,200 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Telenav by 332.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 310,476 shares of the technology company’s stock valued at $2,484,000 after buying an additional 238,667 shares during the period. Wasatch Advisors Inc. lifted its stake in Telenav by 68.0% in the second quarter. Wasatch Advisors Inc. now owns 578,138 shares of the technology company’s stock valued at $4,625,000 after buying an additional 233,945 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in Telenav by 1,392.2% in the second quarter. Acadian Asset Management LLC now owns 247,400 shares of the technology company’s stock valued at $1,979,000 after buying an additional 230,820 shares during the period. 53.96% of the stock is currently owned by hedge funds and other institutional investors.

About Telenav

Telenav, Inc, together with its subsidiaries provides connected car and location-based platform services in the United States and internationally. The company operates through three segments: Automotive, Advertising, and Mobile Navigation. It offers automotive navigation services, including on-board solutions, which consist of software, map, and points of interest data loaded in vehicles that provide voice-guided turn by turn navigation displayed on the vehicle screen; and brought-in navigation services.

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