Acacia Research (NASDAQ:ACTG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $4.25 price target on the business services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 18.06% from the stock’s current price.
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. “
A number of other research firms have also recently issued reports on ACTG. ValuEngine cut Acacia Research from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. TheStreet cut Acacia Research from a “c-” rating to a “d” rating in a report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. Acacia Research presently has an average rating of “Hold” and an average target price of $5.75.
Acacia Research (NASDAQ:ACTG) last posted its quarterly earnings data on Tuesday, February 13th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. Acacia Research had a return on equity of 50.06% and a net margin of 33.91%. The firm had revenue of $3.46 million during the quarter, compared to analysts’ expectations of $13.40 million. equities analysts anticipate that Acacia Research will post 0.14 EPS for the current fiscal year.
Acacia Research declared that its board has initiated a share repurchase program on Tuesday, February 13th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
In other news, Director G Louis Graziadio III acquired 10,500 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was purchased at an average cost of $3.70 per share, for a total transaction of $38,850.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders bought a total of 45,500 shares of company stock valued at $164,800 over the last quarter. Company insiders own 7.67% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of ACTG. Voya Investment Management LLC boosted its holdings in Acacia Research by 22.0% during the 2nd quarter. Voya Investment Management LLC now owns 29,044 shares of the business services provider’s stock valued at $119,000 after acquiring an additional 5,231 shares during the period. Jane Street Group LLC purchased a new stake in Acacia Research during the 3rd quarter valued at about $137,000. Cowen Inc. purchased a new stake in Acacia Research during the 3rd quarter valued at about $168,000. Alliancebernstein L.P. boosted its holdings in Acacia Research by 105.3% during the 2nd quarter. Alliancebernstein L.P. now owns 37,241 shares of the business services provider’s stock valued at $153,000 after acquiring an additional 19,100 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Acacia Research by 11.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 45,910 shares of the business services provider’s stock valued at $188,000 after acquiring an additional 4,553 shares during the period. Hedge funds and other institutional investors own 65.79% of the company’s stock.
Acacia Research Company Profile
Acacia Research Corporation, through its subsidiaries, invests in, licenses and enforces patented technologies. The Company’s operating subsidiaries partner with inventors and patent owners, applying their legal and technology expertise to patent assets to unlock the financial value in their patented inventions.
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