Acacia Research Corp. (ACTG) Raised 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 research note issued to investors on Tuesday morning. They currently have $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 upped their target price on Acacia Research Corp. from $4.00 to $6.00 and gave the company an underweight rating in a research report on Friday, July 29th.
Shares of Acacia Research Corp. (NASDAQ:ACTG) opened at 5.95 on Tuesday. The stock has a 50 day moving average price of $6.34 and a 200 day moving average price of $5.21. Acacia Research Corp. has a one year low of $2.82 and a one year high of $9.34. The company’s market capitalization is $299.78 million.
Acacia Research Corp. (NASDAQ:ACTG) last released its earnings results on Thursday, July 28th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.20. Acacia Research Corp. had a negative return on equity of 0.12% and a negative net margin of 166.23%. The firm had revenue of $41.40 million for the quarter, compared to the consensus estimate of $23.33 million. During the same period in the prior year, the firm earned $0.25 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Acacia Research Corp. will post $0.47 earnings per share for the current year.
In other Acacia Research Corp. news, Director G Louis Graziadio III purchased 8,729 shares of the stock in a transaction on Monday, August 8th. The shares were bought at an average cost of $5.97 per share, with a total value of $52,112.13. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.81% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of ACTG. Alliancebernstein L.P. raised its stake in Acacia Research Corp. by 20.5% in the second quarter. Alliancebernstein L.P. now owns 22,841 shares of the company’s stock valued at $101,000 after buying an additional 3,880 shares during the last quarter. Brandes Investment Partners LP purchased a new stake in Acacia Research Corp. during the second quarter valued at about $115,000. Nuveen Fund Advisors LLC purchased a new stake in Acacia Research Corp. during the second quarter valued at about $116,000. AXA purchased a new stake in Acacia Research Corp. during the second quarter valued at about $121,000. Finally, Royal Bank of Canada raised its stake 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 valued at $161,000 after buying an additional 6,903 shares during the last quarter. 72.10% of the stock is currently owned by 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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