Allspring Global Investments Holdings LLC Acquires Shares of 47,236 Adeia Inc. $ADEA

Allspring Global Investments Holdings LLC acquired a new stake in shares of Adeia Inc. (NASDAQ:ADEA) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 47,236 shares of the company’s stock, valued at approximately $794,000.

Other hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its position in shares of Adeia by 19.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock worth $39,109,000 after acquiring an additional 448,274 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Adeia by 110.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company’s stock worth $10,644,000 after purchasing an additional 395,462 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Adeia by 1,193.2% during the 1st quarter. Jane Street Group LLC now owns 348,961 shares of the company’s stock valued at $4,613,000 after purchasing an additional 321,976 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Adeia during the third quarter valued at about $3,353,000. Finally, Cresset Asset Management LLC bought a new stake in shares of Adeia in the second quarter worth about $1,874,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ADEA. BWS Financial increased their price target on Adeia from $18.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, December 29th. Maxim Group increased their target price on Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, December 23rd. Roth Capital reissued a “buy” rating on shares of Adeia in a report on Monday, December 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Adeia in a research note on Monday, December 29th. Finally, UBS Group set a $20.00 price objective on shares of Adeia in a research report on Tuesday, December 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $22.00.

Adeia Stock Up 3.3%

Shares of NASDAQ:ADEA opened at $18.54 on Friday. The firm has a market capitalization of $2.03 billion, a PE ratio of 28.52 and a beta of 1.46. The business has a 50 day simple moving average of $14.30 and a two-hundred day simple moving average of $14.96. Adeia Inc. has a 1 year low of $10.59 and a 1 year high of $19.01. The company has a debt-to-equity ratio of 1.01, a current ratio of 3.72 and a quick ratio of 3.72.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings results on Monday, November 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business had revenue of $87.34 million for the quarter, compared to the consensus estimate of $99.24 million. Adeia had a return on equity of 29.36% and a net margin of 19.32%. On average, equities analysts predict that Adeia Inc. will post 1.09 EPS for the current year.

Adeia Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, November 24th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, November 24th. Adeia’s payout ratio is currently 30.77%.

Adeia Profile

Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.