Zacks Investment Research upgraded shares of Acacia Research Corp. (NASDAQ:ACTG) from a hold rating to a buy rating in a research note published on Tuesday. The brokerage currently has $6.75 price objective on the stock.
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. “
Separately, Barclays PLC lifted their price objective on Acacia Research Corp. from $4.00 to $6.00 and gave the company an underweight rating in a research report on Friday, July 29th.
Acacia Research Corp. (NASDAQ:ACTG) opened at 5.74 on Tuesday. Acacia Research Corp. has a one year low of $2.82 and a one year high of $9.34. The firm’s 50-day moving average price is $6.33 and its 200 day moving average price is $5.22. The company’s market capitalization is $289.20 million.
Acacia Research Corp. (NASDAQ:ACTG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.20. The business had revenue of $41.40 million for the quarter, compared to analysts’ expectations of $23.33 million. Acacia Research Corp. had a negative return on equity of 0.12% and a negative net margin of 166.23%. The business’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. On average, equities research analysts expect that Acacia Research Corp. will post $0.47 earnings per share for the current fiscal year.
In other Acacia Research Corp. news, Director G Louis Graziadio III bought 8,729 shares of the stock in a transaction dated Monday, August 8th. The stock was purchased at an average cost of $5.97 per share, for a total transaction of $52,112.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.81% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. raised its position in Acacia Research Corp. by 20.5% in the second quarter. Alliancebernstein L.P. now owns 22,841 shares of the company’s stock valued at $101,000 after buying an additional 3,880 shares during the last quarter. Brandes Investment Partners LP purchased a new position in shares of Acacia Research Corp. during the second quarter worth $115,000. Nuveen Fund Advisors LLC purchased a new position in shares of Acacia Research Corp. during the second quarter worth $116,000. AXA purchased a new position in shares of Acacia Research Corp. during the second quarter worth $121,000. Finally, Royal Bank of Canada raised its position in shares of Acacia Research Corp. by 23.3% in the second quarter. Royal Bank of Canada now owns 36,584 shares of the company’s stock worth $161,000 after buying an additional 6,903 shares during the last quarter. Hedge funds and other institutional investors own 72.11% of the company’s stock.
About Acacia Research Corp.
Acacia Research Corporation, through its subsidiaries, is engaged in patent investment, prosecution, licensing and enforcement activities. The Company’s subsidiaries partner with inventors and patent owners for patented inventions. The Company operates in patent licensing and enforcement business segment.