RPX Corporation (RPXC) Rating Lowered to Hold at Zacks Investment Research
RPX Corporation (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, BidaskClub downgraded RPX Corporation from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. RPX Corporation currently has a consensus rating of “Hold” and an average target price of $13.50.
RPX Corporation (NASDAQ:RPXC) traded up 0.22% during trading on Wednesday, hitting $13.54. The stock had a trading volume of 22,188 shares. The stock’s 50-day moving average is $12.82 and its 200 day moving average is $13.13. The firm has a market cap of $670.23 million, a price-to-earnings ratio of 33.77 and a beta of 1.44. RPX Corporation has a one year low of $8.99 and a one year high of $15.15.
RPX Corporation (NASDAQ:RPXC) last announced its earnings results on Tuesday, August 1st. The business services provider reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.05. RPX Corporation had a net margin of 6.01% and a return on equity of 5.51%. The firm had revenue of $80.40 million for the quarter, compared to analyst estimates of $81.27 million. During the same quarter last year, the business earned $0.18 earnings per share. RPX Corporation’s revenue was down 3.2% compared to the same quarter last year. Equities analysts anticipate that RPX Corporation will post $0.72 earnings per share for the current year.
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In related news, insider Mallun Yen sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $12.92, for a total transaction of $129,200.00. Following the completion of the transaction, the insider now owns 157,560 shares of the company’s stock, valued at $2,035,675.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert H. Heath sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $12.83, for a total transaction of $192,450.00. Following the transaction, the executive vice president now directly owns 60,529 shares of the company’s stock, valued at approximately $776,587.07. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 86,560 shares of company stock valued at $1,094,932. Corporate insiders own 3.52% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of RPX Corporation by 17.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,131,232 shares of the business services provider’s stock worth $49,575,000 after buying an additional 601,694 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of RPX Corporation by 2,073.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 398,444 shares of the business services provider’s stock worth $5,559,000 after buying an additional 380,113 shares during the period. Renaissance Technologies LLC raised its position in shares of RPX Corporation by 7.7% in the 1st quarter. Renaissance Technologies LLC now owns 2,774,900 shares of the business services provider’s stock worth $33,299,000 after buying an additional 197,800 shares during the period. Goldman Sachs Group Inc. raised its position in shares of RPX Corporation by 73.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 440,753 shares of the business services provider’s stock worth $5,289,000 after buying an additional 186,739 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of RPX Corporation by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 3,823,451 shares of the business services provider’s stock worth $45,881,000 after buying an additional 167,421 shares during the period. 88.05% of the stock is owned by institutional investors.
RPX Corporation Company Profile
RPX Corporation is engaged in providing an alternative to litigation through its patent risk management services. The Company helps companies reduce patent litigation risk and corporate legal expense through two primary service offerings: patent risk management services and discovery services. It operates through two segments: patent risk management and discovery services.
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