Acacia Research (ACTG) Lowered to “Hold” at Zacks Investment Research

Acacia Research (NASDAQ:ACTG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.

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. “

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Other equities research analysts have also issued research reports about the company. TheStreet lowered Acacia Research from a “c-” rating to a “d” rating in a research note on Friday, February 16th. ValuEngine lowered Acacia Research from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $5.67.

Shares of NASDAQ ACTG traded down $0.05 during midday trading on Friday, reaching $3.50. The company had a trading volume of 71,767 shares, compared to its average volume of 261,738. Acacia Research has a one year low of $2.90 and a one year high of $5.60. The firm has a market cap of $172.20, a PE ratio of 1.18 and a beta of 0.99.

Acacia Research (NASDAQ:ACTG) last released its earnings results on Tuesday, February 13th. The business services provider reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Acacia Research had a return on equity of 50.06% and a net margin of 33.91%. The company had revenue of $3.46 million during the quarter, compared to analyst estimates of $13.40 million. sell-side analysts anticipate that Acacia Research will post 0.14 earnings per share 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 repurchase $20.00 million in shares. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

In related news, Director G Louis Graziadio III bought 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 purchase, the director now owns 605,051 shares in the company, valued at approximately $2,196,335.13. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders bought 63,100 shares of company stock valued at $228,688. 2.81% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its position in Acacia Research by 11.0% during 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 purchasing an additional 4,553 shares during the last quarter. Boothbay Fund Management LLC raised its position in Acacia Research by 11.2% during the 3rd quarter. Boothbay Fund Management LLC now owns 143,349 shares of the business services provider’s stock valued at $652,000 after purchasing an additional 14,473 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Acacia Research by 33.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 89,731 shares of the business services provider’s stock valued at $363,000 after purchasing an additional 22,294 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its position in Acacia Research by 3.2% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 934,275 shares of the business services provider’s stock valued at $3,784,000 after purchasing an additional 28,710 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in Acacia Research during the 3rd quarter valued at approximately $137,000. 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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