Acacia Research Corp Upgraded to Neutral by 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 Wednesday. The firm currently has a $17.50 target price on the stock. Zacks‘s target price suggests a potential upside of 2.28% from the stock’s previous close.
Acacia Research Corp (NASDAQ:ACTG) traded up 1.34% during mid-day trading on Wednesday, hitting $17.34. The stock had a trading volume of 339,366 shares. Acacia Research Corp has a 52 week low of $12.23 and a 52 week high of $23.87. The stock’s 50-day moving average is $16.6 and its 200-day moving average is $15.88. The company’s market cap is $868.8 million.
Acacia Research Corp (NASDAQ:ACTG) last released its earnings data on Thursday, July 24th. The company reported $0.16 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.06 by $0.10. The company had revenue of $50.07 million for the quarter, compared to the consensus estimate of $15.13 million. During the same quarter last year, the company posted $0.06 earnings per share. Acacia Research Corp’s revenue was up 116.8% compared to the same quarter last year. On average, analysts predict that Acacia Research Corp will post $0.18 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Sunday, August 31st. Stockholders of record on Monday, August 4th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Thursday, July 31st.
ACTG has been the subject of a number of other recent research reports. Analysts at Barclays raised their price target on shares of Acacia Research Corp from $15.00 to $19.00 in a research note on Tuesday, July 29th. They now have an “equal weight” rating on the stock. Analysts at Robert W. Baird raised their price target on shares of Acacia Research Corp from $15.00 to $19.00 in a research note on Tuesday, July 29th. They now have an “equal weight” rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.17.
Acacia Research Corporation through its operating subsidiaries, acquires, develops, licenses and enforces patented technologies.
To view Zacks’ full report, visit Zacks’ official website.
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