RPX Corporation (RPXC) Stock Rating Upgraded by Zacks Investment Research
RPX Corporation (NASDAQ:RPXC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $14.00 target price on the business services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 8.02% from the stock’s previous close.
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. “
Several other research analysts have also recently weighed in on RPXC. Cowen and Company boosted their price target on shares of RPX Corporation from $11.00 to $14.00 and gave the stock a “market perform” rating in a report on Wednesday, May 3rd. Barclays PLC restated a “sell” rating and set a $11.00 price target on shares of RPX Corporation in a report on Friday, May 5th. TheStreet upgraded shares of RPX Corporation from a “c” rating to a “b-” rating in a report on Tuesday, May 2nd. Finally, BidaskClub cut shares of RPX Corporation from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $13.50.
Shares of RPX Corporation (NASDAQ:RPXC) opened at 12.96 on Tuesday. The firm’s 50-day moving average is $13.82 and its 200 day moving average is $12.64. RPX Corporation has a 12 month low of $8.98 and a 12 month high of $15.15. The company has a market capitalization of $636.87 million, a PE ratio of 32.32 and a beta of 1.39.
RPX Corporation (NASDAQ:RPXC) last issued its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $80.40 million during the quarter, compared to analysts’ expectations of $81.27 million. RPX Corporation had a net margin of 6.01% and a return on equity of 5.56%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. Equities research analysts predict that RPX Corporation will post $0.72 EPS for the current year.
In other RPX Corporation news, CRO Steven S. Swank sold 2,340 shares of RPX Corporation stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $14.00, for a total value of $32,760.00. Following the sale, the executive now owns 1,857 shares of the company’s stock, valued at $25,998. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Trevor Campion sold 39,256 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $13.79, for a total transaction of $541,340.24. Following the completion of the sale, the chief executive officer now directly owns 25,571 shares in the company, valued at approximately $352,624.09. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,156 shares of company stock worth $736,122. Insiders own 3.52% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in RPX Corporation by 17.0% in the first quarter. Dimensional Fund Advisors LP now owns 4,131,232 shares of the business services provider’s stock valued at $49,575,000 after buying an additional 601,694 shares during the period. Vanguard Group Inc. raised its stake in RPX Corporation by 4.6% in the first quarter. Vanguard Group Inc. now owns 3,823,451 shares of the business services provider’s stock valued at $45,881,000 after buying an additional 167,421 shares during the period. Renaissance Technologies LLC raised its stake in RPX Corporation by 7.7% in the first quarter. Renaissance Technologies LLC now owns 2,774,900 shares of the business services provider’s stock valued at $33,299,000 after buying an additional 197,800 shares during the period. Geode Capital Management LLC raised its stake in RPX Corporation by 6.9% in the first quarter. Geode Capital Management LLC now owns 948,574 shares of the business services provider’s stock valued at $11,382,000 after buying an additional 61,198 shares during the period. Finally, Peregrine Capital Management LLC raised its stake in RPX Corporation by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 918,787 shares of the business services provider’s stock valued at $11,007,000 after buying an additional 63,160 shares during the period. 90.38% of the stock is currently owned by institutional investors.
About RPX Corporation
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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