Acacia Research Corp Upgraded to “Neutral” at Zacks (ACTG)
Acacia Research Corp (NASDAQ:ACTG) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a note issued to investors on Monday. The firm currently has a $17.40 price objective on the stock. Zacks‘s price objective would suggest a potential upside of 2.72% from the stock’s previous close.
Shares of Acacia Research Corp (NASDAQ:ACTG) traded down 0.41% during mid-day trading on Monday, hitting $16.87. 116,665 shares of the company’s stock traded hands. Acacia Research Corp has a 1-year low of $12.23 and a 1-year high of $25.74. The stock’s 50-day moving average is $15.90 and its 200-day moving average is $15.05. The company’s market cap is $844.5 million.
Acacia Research Corp (NASDAQ:ACTG) last issued its quarterly earnings results on Thursday, April 17th. The company reported ($0.11) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.25 by $0.36. The company had revenue of $12.58 million for the quarter, compared to the consensus estimate of $238.48 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was down 83.7% on a year-over-year basis. On average, analysts predict that Acacia Research Corp will post $0.15 earnings per share for the current fiscal year.
ACTG has been the subject of a number of other recent research reports. Analysts at Cowen and Company reiterated a “positive” rating on shares of Acacia Research Corp in a research note on Thursday, May 15th. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Acacia Research Corp in a research note on Tuesday, April 22nd. They now have a $20.50 price target on the stock. Finally, analysts at Cantor Fitzgerald initiated coverage on shares of Acacia Research Corp in a research note on Monday, April 21st. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $21.98.
Acacia Research Corporation through its operating subsidiaries, acquires, develops, licenses and enforces patented technologies.
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