Acacia Research Corp. (ACTG) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Acacia Research Corp. (NASDAQ:ACTG) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $6.75 target price on the stock.
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 increased their price objective on Acacia Research Corp. from $4.00 to $6.00 and gave the stock an underweight rating in a report on Friday, July 29th.
Shares of Acacia Research Corp. (NASDAQ:ACTG) opened at 5.93 on Tuesday. The firm’s market capitalization is $298.77 million. Acacia Research Corp. has a 12 month low of $2.82 and a 12 month high of $9.77. The firm’s 50-day moving average price is $6.34 and its 200-day moving average price is $5.19.
Acacia Research Corp. (NASDAQ:ACTG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.20. The business earned $41.40 million during the quarter, compared to the consensus estimate of $23.33 million. Acacia Research Corp. had a negative return on equity of 0.12% and a negative net margin of 166.23%. Acacia Research Corp.’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. On average, equities analysts anticipate that Acacia Research Corp. will post $0.47 earnings per share for the current year.
In other news, Director G Louis Graziadio III purchased 40,221 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was acquired at an average cost of $5.86 per share, with a total value of $235,695.06. Following the acquisition, the director now owns 416,767 shares in the company, valued at approximately $2,442,254.62. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.81% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in ACTG. Geode Capital Management LLC raised its position 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. Alliancebernstein L.P. raised its position in Acacia Research Corp. by 20.5% in the second quarter. Alliancebernstein L.P. now owns 22,841 shares of the company’s stock worth $101,000 after buying an additional 3,880 shares during the period. Private Trust Co. NA raised its position in Acacia Research Corp. by 9.8% in the second quarter. Private Trust Co. NA now owns 55,502 shares of the company’s stock worth $244,000 after buying an additional 4,970 shares during the period. Bank of New York Mellon Corp raised its position in Acacia Research Corp. by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 206,666 shares of the company’s stock worth $909,000 after buying an additional 6,628 shares during the period. Finally, Royal Bank of Canada raised its position in Acacia Research Corp. by 23.3% in the second quarter. Royal Bank of Canada now owns 36,584 shares of the company’s stock worth $161,000 after buying an additional 6,903 shares during the period. 72.10% of the stock is owned by institutional investors and hedge funds.
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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