Adeia (NASDAQ:ADEA) Shares Gap Up Following Analyst Upgrade

Adeia Inc. (NASDAQ:ADEA)’s share price gapped up prior to trading on Monday after Maxim Group raised their price target on the stock from $17.00 to $20.00. The stock had previously closed at $12.77, but opened at $16.20. Maxim Group currently has a buy rating on the stock. Adeia shares last traded at $15.93, with a volume of 609,085 shares trading hands.

Several other research analysts have also recently issued reports on the company. BWS Financial reaffirmed a “buy” rating and set a $18.00 price objective on shares of Adeia in a research report on Tuesday, November 4th. Roth Capital reaffirmed a “buy” rating on shares of Adeia in a report on Monday. Rosenblatt Securities increased their price target on shares of Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday. UBS Group set a $20.00 price objective on shares of Adeia in a report on Tuesday. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Adeia in a report on Monday, December 15th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Adeia currently has an average rating of “Moderate Buy” and an average target price of $20.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. lifted its position in shares of Adeia by 19.2% during the 1st quarter. American Century Companies Inc. now owns 275,393 shares of the company’s stock valued at $3,641,000 after acquiring an additional 44,439 shares during the period. Wellington Management Group LLP increased its stake in Adeia by 11.0% in the 1st quarter. Wellington Management Group LLP now owns 1,229,245 shares of the company’s stock valued at $16,251,000 after purchasing an additional 121,424 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Adeia during the first quarter worth $43,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in Adeia by 433.5% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 12,628 shares of the company’s stock worth $167,000 after purchasing an additional 10,261 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Adeia by 6.8% in the first quarter. The Manufacturers Life Insurance Company now owns 2,317,585 shares of the company’s stock valued at $30,638,000 after purchasing an additional 147,971 shares during the last quarter. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Price Performance

The company has a market cap of $1.90 billion, a price-to-earnings ratio of 26.68 and a beta of 1.51. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.01. The company has a fifty day simple moving average of $14.14 and a two-hundred day simple moving average of $14.59.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business had revenue of $87.34 million during the quarter, compared to analyst estimates of $99.24 million. Adeia had a net margin of 19.32% and a return on equity of 29.36%. On average, equities research analysts anticipate that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, November 24th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, November 24th. Adeia’s dividend payout ratio is 30.77%.

Adeia Company Profile

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.