Zacks Investment Research Lowers RPX Corp. (RPXC) to Hold
RPX Corp. (NASDAQ:RPXC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “RPX Corporation is a provider of patent risk solutions, offering defensive buying, acquisition syndication, patent intelligence and advisory services. The Company provides a subscription-based patent risk management solution where by acquiring patents it mitigates and manages patent risk. It also provides to its clients access to its proprietary patent market intelligence and data. Its clientele compromise companies that design, make or sell technology-based products and services as well as companies that use technology in their businesses. RPX Corporation is based in San Francisco, California. “
Separately, Barclays PLC lowered their price target on shares of RPX Corp. from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Thursday, July 7th.
RPX Corp. (NASDAQ:RPXC) traded up 0.75% during midday trading on Wednesday, reaching $10.74. The company’s stock had a trading volume of 17,864 shares. The stock has a 50-day moving average price of $10.52 and a 200 day moving average price of $10.26. The company has a market cap of $532.26 million, a PE ratio of 26.72 and a beta of 1.10. RPX Corp. has a 12 month low of $8.60 and a 12 month high of $15.41.
RPX Corp. (NASDAQ:RPXC) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The company had revenue of $83.10 million for the quarter, compared to analysts’ expectations of $82.14 million. RPX Corp. had a net margin of 7.16% and a return on equity of 4.95%. RPX Corp.’s revenue was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. Analysts expect that RPX Corp. will post $0.75 earnings per share for the current fiscal year.
In related news, insider Mallun Yen sold 8,155 shares of RPX Corp. stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $10.63, for a total value of $86,687.65. Following the completion of the transaction, the insider now directly owns 109,642 shares in the company, valued at approximately $1,165,494.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert H. Heath sold 3,000 shares of RPX Corp. stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $10.60, for a total transaction of $31,800.00. Following the completion of the transaction, the chief financial officer now owns 79,437 shares of the company’s stock, valued at $842,032.20. The disclosure for this sale can be found here. 6.89% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Babson Capital Management LLC raised its position in RPX Corp. by 23.9% in the first quarter. Babson Capital Management LLC now owns 44,100 shares of the company’s stock worth $497,000 after buying an additional 8,500 shares in the last quarter. Renaissance Technologies LLC raised its position in RPX Corp. by 27.5% in the first quarter. Renaissance Technologies LLC now owns 1,707,500 shares of the company’s stock worth $19,226,000 after buying an additional 368,700 shares in the last quarter. Goldman Sachs Group Inc. raised its position in RPX Corp. by 59.2% in the first quarter. Goldman Sachs Group Inc. now owns 196,129 shares of the company’s stock worth $2,208,000 after buying an additional 72,926 shares in the last quarter. Macquarie Group Ltd. acquired a new position in RPX Corp. during the second quarter worth $696,000. Finally, Isthmus Partners LLC raised its position in RPX Corp. by 16.7% in the second quarter. Isthmus Partners LLC now owns 51,715 shares of the company’s stock worth $474,000 after buying an additional 7,383 shares in the last quarter. Institutional investors and hedge funds own 88.07% of the company’s stock.
RPX Corp. Company Profile
RPX Corporation offers patent risk management solutions. The Company’s patent risk management solution facilitates exchanges of value between owners and users of patents. The core of its solution is defensive patent aggregation, in which the Company acquires patents and licenses to patents that are being or may be asserted against its clients.
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