Acacia Research Corp. (ACTG) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “Acacia Research Corporation, through its subsidiaries, develops, acquires, and licenses patented technologies. It assists patent owners with the prosecution and development of their patent portfolios, protection of their patented inventions from unauthorized use, generation of licensing revenue from users of their patented technologies and enforcement against unauthorized users of their patented technologies. Acacia Research Corporation is based in Newport Beach, California. “
Separately, Barclays PLC upped their target price on shares of Acacia Research Corp. from $4.00 to $6.00 and gave the company an underweight rating in a report on Friday, July 29th.
Shares of Acacia Research Corp. (NASDAQ:ACTG) opened at 6.54 on Wednesday. The firm’s market capitalization is $329.50 million. Acacia Research Corp. has a 52-week low of $2.82 and a 52-week high of $9.97. The company’s 50-day moving average is $6.34 and its 200 day moving average is $5.04.
Acacia Research Corp. (NASDAQ:ACTG) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.03 by $0.20. Acacia Research Corp. had a negative net margin of 166.23% and a negative return on equity of 0.12%. The business had revenue of $41.40 million for the quarter, compared to analyst estimates of $23.33 million. During the same period in the previous year, the firm earned $0.25 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts expect that Acacia Research Corp. will post $0.47 earnings per share for the current fiscal year.
In other Acacia Research Corp. news, Director G Louis Graziadio III bought 38,889 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The stock was purchased at an average price of $5.89 per share, with a total value of $229,056.21. Following the transaction, the director now owns 424,267 shares in the company, valued at $2,498,932.63. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.81% of the company’s stock.
A number of hedge funds have recently bought and sold shares of ACTG. JPMorgan Chase & Co. increased its stake in Acacia Research Corp. by 233,090.8% in the first quarter. JPMorgan Chase & Co. now owns 610,960 shares of the company’s stock worth $2,315,000 after buying an additional 610,698 shares during the period. Royce & Associates LP increased its stake in Acacia Research Corp. by 21.2% in the first quarter. Royce & Associates LP now owns 650,105 shares of the company’s stock worth $2,464,000 after buying an additional 113,900 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in Acacia Research Corp. during the first quarter worth about $2,103,000. State Street Corp increased its stake in Acacia Research Corp. by 2.3% in the first quarter. State Street Corp now owns 867,431 shares of the company’s stock worth $3,286,000 after buying an additional 19,535 shares during the period. Finally, Geode Capital Management LLC increased its stake in Acacia Research Corp. by 1.1% in the first quarter. Geode Capital Management LLC now owns 334,737 shares of the company’s stock worth $1,268,000 after buying an additional 3,576 shares during the period. 72.10% of the stock is owned by hedge funds and other institutional investors.
About Acacia Research Corp.
Acacia Research Corporation, through its subsidiaries, is engaged in patent investment, prosecution, licensing and enforcement activities. The Company’s subsidiaries partner with inventors and patent owners for patented inventions. The Company operates in patent licensing and enforcement business segment.
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