Acacia Research Corp Downgraded by Zacks to “Underperform” (ACTG)

Share on StockTwits

Acacia Research Corp (NASDAQ:ACTG) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Thursday. They currently have a $14.30 price objective on the stock. Zacks‘s price target suggests a potential downside of 4.79% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Analysts at Cowen and Company reiterated a “positive” rating on shares of Acacia Research Corp in a research note on Thursday, May 15th. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Acacia Research Corp in a research note on Tuesday, April 22nd. They now have a $20.50 price target on the stock. Finally, analysts at Cantor Fitzgerald initiated coverage on shares of Acacia Research Corp in a research note on Monday, April 21st. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Acacia Research Corp has an average rating of “Hold” and an average price target of $21.36.

Shares of Acacia Research Corp (NASDAQ:ACTG) traded down 0.93% on Thursday, hitting $14.88. The stock had a trading volume of 162,827 shares. Acacia Research Corp has a 52-week low of $12.23 and a 52-week high of $25.74. The stock has a 50-day moving average of $16.06 and a 200-day moving average of $14.84. The company’s market cap is $744.9 million.

Acacia Research Corp (NASDAQ:ACTG) last announced its earnings results on Thursday, April 17th. The company reported ($0.11) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.25 by $0.36. The company had revenue of $12.58 million for the quarter, compared to the consensus estimate of $238.48 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was down 83.7% on a year-over-year basis. On average, analysts predict that Acacia Research Corp will post $0.15 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Friday, May 30th. Stockholders of record on Thursday, May 1st will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Tuesday, April 29th.

In other Acacia Research Corp news, CEO Matthew Vella sold 24,446 shares of the stock on the open market in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $14.84, for a total transaction of $362,778.64. Following the sale, the chief executive officer now directly owns 214,246 shares of the company’s stock, valued at approximately $3,179,411. The sale was disclosed in a document filed with the SEC, which is available at this link.

Acacia Research Corporation through its operating subsidiaries, acquires, develops, licenses and enforces patented technologies.

To view Zacks’ full report, visit Zacks’ official website.

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.

Latest News

McDonald’s Profit Drops as Sales in U.S. Struggle
McDonald’s Profit Drops as Sales in U.S. Struggle
Power Shifting in Technology Business
Power Shifting in Technology Business
Silvio Berlusconi is Acquitted on Appeal
Silvio Berlusconi is Acquitted on Appeal
Apple Teams Up With IBM
Apple Teams Up With IBM
Germany Defeats Argentina to Win the World Cup
Germany Defeats Argentina to Win the World Cup
Cost Cutting at Wells Fargo Stalls
Cost Cutting at Wells Fargo Stalls


Leave a Reply

 
© 2006-2014 The Legacy. Subscribe