Acacia Research (NASDAQ:ACTG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, March 15th.
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. “
Other research analysts have also issued research reports about the company. ValuEngine lowered Acacia Research from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. TheStreet lowered Acacia Research from a “c-” rating to a “d” rating in a research report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $5.67.
Acacia Research stock opened at $3.50 on Thursday. Acacia Research has a 12-month low of $2.90 and a 12-month high of $5.60. The stock has a market capitalization of $172.20, a P/E ratio of 1.18 and a beta of 0.99.
Acacia Research (NASDAQ:ACTG) last issued its earnings results on Tuesday, February 13th. The business services provider reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.01. The firm had revenue of $3.46 million for the quarter, compared to analysts’ expectations of $13.40 million. Acacia Research had a return on equity of 50.06% and a net margin of 33.91%. equities analysts forecast that Acacia Research will post 0.14 EPS for the current year.
Acacia Research announced that its board has authorized a share repurchase plan on Tuesday, February 13th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other Acacia Research news, Director G Louis Graziadio III purchased 17,600 shares of the stock in a transaction dated Wednesday, March 14th. The stock was bought at an average price of $3.63 per share, with a total value of $63,888.00. Following the acquisition, the director now owns 605,051 shares of the company’s stock, valued at $2,196,335.13. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have bought 63,100 shares of company stock valued at $228,688. Corporate insiders own 2.81% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC increased its holdings in Acacia Research by 22.0% in the 2nd quarter. Voya Investment Management LLC now owns 29,044 shares of the business services provider’s stock worth $119,000 after purchasing an additional 5,231 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Acacia Research in the 3rd quarter valued at about $137,000. Cowen Inc. bought a new stake in shares of Acacia Research in the 3rd quarter valued at about $168,000. Alliancebernstein L.P. grew its position in shares of Acacia Research by 105.3% in the 2nd quarter. Alliancebernstein L.P. now owns 37,241 shares of the business services provider’s stock valued at $153,000 after buying an additional 19,100 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Acacia Research by 11.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 45,910 shares of the business services provider’s stock valued at $188,000 after buying an additional 4,553 shares during the last quarter. 65.80% of the stock is owned by institutional investors and hedge funds.
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Acacia Research Company Profile
Acacia Research Corporation, through its subsidiaries, invests in, licenses and enforces patented technologies. The Company’s operating subsidiaries partner with inventors and patent owners, applying their legal and technology expertise to patent assets to unlock the financial value in their patented inventions.
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