Adeia (NASDAQ:ADEA) Stock Rating Lowered by Zacks Research

Adeia (NASDAQ:ADEA) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. BWS Financial reissued a “buy” rating and set a $30.00 target price on shares of Adeia in a research note on Tuesday, May 5th. Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Adeia in a research note on Tuesday, May 5th. Wall Street Zen cut shares of Adeia from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings cut shares of Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. Finally, Maxim Group set a $35.00 target price on shares of Adeia in a research note on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $33.60.

Adeia Price Performance

ADEA stock opened at $28.25 on Tuesday. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.79. Adeia has a fifty-two week low of $11.61 and a fifty-two week high of $34.34. The firm’s 50-day simple moving average is $27.36 and its 200 day simple moving average is $20.64. The stock has a market cap of $3.12 billion, a PE ratio of 26.16 and a beta of 1.48.

Adeia (NASDAQ:ADEA) last released its earnings results on Monday, May 4th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $104.77 million for the quarter, compared to analysts’ expectations of $99.72 million. Adeia had a net margin of 26.50% and a return on equity of 39.49%. As a group, sell-side analysts predict that Adeia will post 1.15 EPS for the current year.

Hedge Funds Weigh In On Adeia

Several large investors have recently made changes to their positions in the business. Ameriprise Financial Inc. boosted its position in shares of Adeia by 0.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 14,509,642 shares of the company’s stock valued at $205,166,000 after purchasing an additional 97,666 shares in the last quarter. Systematic Financial Management LP boosted its position in shares of Adeia by 27.9% during the 4th quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock valued at $49,872,000 after purchasing an additional 630,039 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Adeia by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,819,336 shares of the company’s stock valued at $47,364,000 after purchasing an additional 13,412 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Adeia by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,799,445 shares of the company’s stock valued at $48,299,000 after purchasing an additional 19,601 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Adeia by 19.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock valued at $39,109,000 after purchasing an additional 448,274 shares in the last quarter. Institutional investors own 97.36% of the company’s stock.

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.