Adeia (NASDAQ:ADEA) Sets New 1-Year High After Analyst Upgrade

Adeia Inc. (NASDAQ:ADEA) shares reached a new 52-week high during trading on Wednesday after BWS Financial raised their price target on the stock from $24.00 to $30.00. BWS Financial currently has a buy rating on the stock. Adeia traded as high as $20.70 and last traded at $20.3090, with a volume of 212141 shares trading hands. The stock had previously closed at $19.75.

Other equities analysts have also recently issued reports about the company. Weiss Ratings upgraded Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 12th. UBS Group set a $20.00 target price on Adeia in a research note on Tuesday, December 23rd. Maxim Group lifted their price target on shares of Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. Zacks Research raised shares of Adeia from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 8th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Adeia in a report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to data from MarketBeat.com, Adeia has a consensus rating of “Buy” and a consensus price target of $25.20.

Hedge Funds Weigh In On Adeia

Several hedge funds have recently made changes to their positions in ADEA. Assenagon Asset Management S.A. purchased a new stake in shares of Adeia in the 3rd quarter worth about $3,353,000. JPMorgan Chase & Co. raised its stake in Adeia by 110.7% in the second quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company’s stock worth $10,644,000 after buying an additional 395,462 shares in the last quarter. Cresset Asset Management LLC purchased a new stake in Adeia in the second quarter worth about $1,874,000. Public Sector Pension Investment Board boosted its position in Adeia by 15.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 515,753 shares of the company’s stock valued at $8,665,000 after acquiring an additional 68,745 shares in the last quarter. Finally, NewEdge Wealth LLC bought a new stake in Adeia during the 3rd quarter valued at approximately $902,000. 97.36% of the stock is owned by hedge funds and other institutional investors.

Adeia Price Performance

The stock has a market cap of $2.28 billion, a PE ratio of 21.28 and a beta of 1.44. The business has a fifty day simple moving average of $18.37 and a two-hundred day simple moving average of $16.14. The company has a current ratio of 3.81, a quick ratio of 3.72 and a debt-to-equity ratio of 0.83.

Adeia (NASDAQ:ADEA) last released its quarterly earnings results on Monday, February 23rd. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.13. The company had revenue of $182.64 million for the quarter, compared to analyst estimates of $168.45 million. Adeia had a return on equity of 38.01% and a net margin of 25.05%. Research analysts forecast that Adeia Inc. will post 1.09 earnings per share for the current year.

Adeia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Monday, March 16th. Adeia’s dividend payout ratio (DPR) is presently 20.41%.

About Adeia

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.