Zacks Investment Research Downgrades Acacia Research Corp. (ACTG) to Hold

Acacia Research Corp. (NASDAQ:ACTG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.

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 target price on Acacia Research Corp. from $4.00 to $6.00 and gave the stock an “underweight” rating in a research report on Friday, July 29th.

Shares of Acacia Research Corp. (NASDAQ:ACTG) traded up 2.51% on Wednesday, reaching $6.54. 338,268 shares of the company’s stock traded hands. The firm’s market cap is $329.50 million. Acacia Research Corp. has a 12-month low of $2.82 and a 12-month high of $9.97. The stock has a 50-day moving average of $6.33 and a 200 day moving average of $5.02.

Acacia Research Corp. (NASDAQ:ACTG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.03 by $0.20. The company earned $41.40 million during the quarter, compared to analyst estimates of $23.33 million. Acacia Research Corp. had a negative net margin of 166.23% and a negative return on equity of 0.12%. Acacia Research Corp.’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 earnings per share. On average, equities research analysts expect that Acacia Research Corp. will post $0.47 earnings per share for the current year.

In other Acacia Research Corp. news, Director G Louis Graziadio III bought 38,889 shares of the firm’s stock in a transaction dated Tuesday, August 30th. The stock was acquired at an average cost of $5.89 per share, for a total transaction of $229,056.21. Following the completion of the transaction, the director now owns 424,267 shares in the company, valued at $2,498,932.63. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.81% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in ACTG. Alliancebernstein L.P. increased its stake 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 stake in Acacia Research Corp. during the second quarter valued at $115,000. Nuveen Fund Advisors LLC purchased a new stake in Acacia Research Corp. during the second quarter valued at $116,000. Squarepoint Ops LLC purchased a new stake in Acacia Research Corp. during the first quarter valued at $101,000. Finally, AXA purchased a new stake in Acacia Research Corp. during the second quarter valued at $121,000. Hedge funds and other institutional investors own 72.10% of the company’s stock.

Acacia Research Corp. Company Profile

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.

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