RPX Corp. (NASDAQ:RPXC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “RPX Corporation is a provider of patent risk solutions, offering defensive buying, acquisition syndication, patent intelligence and advisory services. The Company provides a subscription-based patent risk management solution where by acquiring patents it mitigates and manages patent risk. It also provides to its clients access to its proprietary patent market intelligence and data. Its clientele compromise companies that design, make or sell technology-based products and services as well as companies that use technology in their businesses. RPX Corporation is based in San Francisco, California. “
Separately, Barclays PLC lowered their price objective on shares of RPX Corp. from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Thursday, July 7th.
Shares of RPX Corp. (NASDAQ:RPXC) traded up 0.75% on Wednesday, reaching $10.74. 17,864 shares of the company traded hands. RPX Corp. has a 1-year low of $8.60 and a 1-year high of $15.41. The firm has a market capitalization of $532.26 million, a P/E ratio of 26.72 and a beta of 1.10. The stock has a 50-day moving average price of $10.52 and a 200 day moving average price of $10.26.
RPX Corp. (NASDAQ:RPXC) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.05. The company had revenue of $83.10 million for the quarter, compared to the consensus estimate of $82.14 million. RPX Corp. had a net margin of 7.16% and a return on equity of 4.95%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 earnings per share. Analysts anticipate that RPX Corp. will post $0.75 EPS for the current fiscal year.
In other RPX Corp. news, CFO Robert H. Heath sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $10.60, for a total value of $31,800.00. Following the transaction, the chief financial officer now directly owns 79,437 shares in the company, valued at $842,032.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mallun Yen sold 8,155 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $10.63, for a total transaction of $86,687.65. Following the completion of the transaction, the insider now owns 109,642 shares in the company, valued at $1,165,494.46. The disclosure for this sale can be found here. 6.89% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hancock Holding Co. acquired a new position in RPX Corp. during the second quarter valued at $101,000. Acrospire Investment Management LLC increased its position in RPX Corp. by 30.0% in the second quarter. Acrospire Investment Management LLC now owns 11,269 shares of the company’s stock valued at $103,000 after buying an additional 2,600 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in RPX Corp. during the second quarter valued at $119,000. Boothbay Fund Management LLC increased its position in RPX Corp. by 6.5% in the first quarter. Boothbay Fund Management LLC now owns 13,386 shares of the company’s stock valued at $151,000 after buying an additional 813 shares during the last quarter. Finally, Zacks Investment Management acquired a new position in RPX Corp. during the second quarter valued at $153,000. Institutional investors and hedge funds own 88.07% of the company’s stock.
About RPX Corp.
RPX Corporation offers patent risk management solutions. The Company’s patent risk management solution facilitates exchanges of value between owners and users of patents. The core of its solution is defensive patent aggregation, in which the Company acquires patents and licenses to patents that are being or may be asserted against its clients.
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