California State Teachers Retirement System cut its stake in Immersion Corporation (NASDAQ:IMMR) by 9.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,590 shares of the software maker’s stock after selling 5,400 shares during the quarter. California State Teachers Retirement System owned about 0.18% of Immersion worth $468,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in IMMR. Voya Investment Management LLC increased its holdings in shares of Immersion by 14.1% in the 2nd quarter. Voya Investment Management LLC now owns 20,218 shares of the software maker’s stock valued at $184,000 after acquiring an additional 2,501 shares during the period. ETF Managers Group LLC acquired a new stake in shares of Immersion in the 2nd quarter worth $221,000. Sei Investments Co. acquired a new stake in shares of Immersion in the 2nd quarter worth $221,000. Alliancebernstein L.P. acquired a new stake in shares of Immersion in the 2nd quarter worth $232,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Immersion by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,835 shares of the software maker’s stock worth $234,000 after purchasing an additional 1,929 shares in the last quarter. Institutional investors and hedge funds own 78.98% of the company’s stock.
A number of analysts have recently weighed in on IMMR shares. Zacks Investment Research raised Immersion from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. B. Riley reissued a “buy” rating and issued a $9.75 price objective on shares of Immersion in a research report on Monday, October 30th. Finally, ValuEngine raised Immersion from a “strong sell” rating to a “sell” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. Immersion currently has a consensus rating of “Buy” and an average target price of $10.17.
Shares of Immersion Corporation (IMMR) opened at $7.15 on Friday. Immersion Corporation has a 52-week low of $5.76 and a 52-week high of $11.92.
Immersion (NASDAQ:IMMR) last issued its quarterly earnings results on Thursday, November 2nd. The software maker reported ($0.10) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.16. Immersion had a negative return on equity of 100.50% and a negative net margin of 190.18%. The company had revenue of $11.90 million during the quarter, compared to analysts’ expectations of $7.33 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s revenue was down 54.8% compared to the same quarter last year. analysts predict that Immersion Corporation will post -1.12 EPS for the current year.
In related news, major shareholder Raging Capital Management, Llc acquired 154,997 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was acquired at an average price of $7.27 per share, with a total value of $1,126,828.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders bought 939,766 shares of company stock valued at $6,841,123. Insiders own 7.22% of the company’s stock.
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Immersion Corporation is a licensing company focused on the creation, design, development and licensing of haptic technologies that allow people to use their sense of touch when operating digital devices. The Company develops, licenses and supports a range of software and intellectual property (IP). It is focused on the markets, including mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical, and commercial.
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