Adeia (NASDAQ:ADEA) Hits New 12-Month High – Still a Buy?

Adeia Inc. (NASDAQ:ADEA) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.17 and last traded at $29.72, with a volume of 1760986 shares trading hands. The stock had previously closed at $29.52.

Analyst Upgrades and Downgrades

ADEA has been the topic of several research reports. Roth Mkm boosted their target price on Adeia from $27.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, March 16th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Adeia in a research note on Thursday, April 2nd. Weiss Ratings upgraded Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. BWS Financial restated a “buy” rating and issued a $30.00 target price on shares of Adeia in a research note on Monday, March 9th. Finally, UBS Group set a $20.00 target price on Adeia in a research note on Tuesday, December 23rd. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.80.

Adeia Price Performance

The firm has a market capitalization of $3.29 billion, a P/E ratio of 30.33 and a beta of 1.30. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.81 and a current ratio of 3.81. The business has a 50 day simple moving average of $23.14 and a two-hundred day simple moving average of $18.47.

Adeia (NASDAQ:ADEA) last announced its earnings results on Monday, February 23rd. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.13. The business had revenue of $182.64 million for the quarter, compared to analyst estimates of $168.45 million. Adeia had a return on equity of 38.01% and a net margin of 25.05%. On average, sell-side analysts expect that Adeia Inc. will post 1.11 EPS for the current fiscal year.

Adeia Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Monday, March 16th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Monday, March 16th. Adeia’s dividend payout ratio is currently 20.41%.

Hedge Funds Weigh In On Adeia

A number of institutional investors have recently added to or reduced their stakes in the business. Wesbanco Bank Inc. bought a new position in Adeia in the 1st quarter worth about $240,000. GHP Investment Advisors Inc. bought a new position in Adeia in the 1st quarter worth about $58,000. Louisiana State Employees Retirement System bought a new position in Adeia in the 1st quarter worth about $1,168,000. Ritholtz Wealth Management increased its stake in Adeia by 2.5% in the 1st quarter. Ritholtz Wealth Management now owns 14,972 shares of the company’s stock worth $360,000 after acquiring an additional 364 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in Adeia by 115.9% in the 1st quarter. SG Americas Securities LLC now owns 22,059 shares of the company’s stock worth $530,000 after acquiring an additional 11,844 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors.

About Adeia

Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.