Adeia (NASDAQ:ADEA) Hits New 12-Month High on Analyst Upgrade

Shares of Adeia Inc. (NASDAQ:ADEA) hit a new 52-week high during trading on Tuesday after Roth Mkm raised their price target on the stock from $27.00 to $34.00. Roth Mkm currently has a buy rating on the stock. Adeia traded as high as $23.80 and last traded at $22.96, with a volume of 1048361 shares traded. The stock had previously closed at $22.79.

Several other analysts have also recently issued reports on ADEA. UBS Group set a $20.00 price objective on Adeia in a research note on Tuesday, December 23rd. Rosenblatt Securities lifted their target price on Adeia to $40.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Wall Street Zen upgraded Adeia from a “hold” rating to a “strong-buy” rating in a report on Saturday, March 7th. BWS Financial reissued a “buy” rating and set a $30.00 price target on shares of Adeia in a research report on Monday, March 9th. Finally, Maxim Group raised their price objective on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.80.

Institutional Trading of Adeia

A number of institutional investors and hedge funds have recently made changes to their positions in ADEA. Hantz Financial Services Inc. boosted its position in Adeia by 447.0% during the 4th quarter. Hantz Financial Services Inc. now owns 1,444 shares of the company’s stock valued at $25,000 after purchasing an additional 1,180 shares during the period. Quarry LP increased its position in Adeia by 245.5% in the third quarter. Quarry LP now owns 1,586 shares of the company’s stock worth $27,000 after buying an additional 1,127 shares during the period. IFP Advisors Inc acquired a new stake in Adeia in the third quarter worth $28,000. Osaic Holdings Inc. boosted its holdings in shares of Adeia by 714.9% during the second quarter. Osaic Holdings Inc. now owns 2,632 shares of the company’s stock valued at $37,000 after acquiring an additional 2,309 shares during the period. Finally, CWM LLC grew its position in shares of Adeia by 436.0% during the third quarter. CWM LLC now owns 2,444 shares of the company’s stock worth $41,000 after acquiring an additional 1,988 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Adeia Stock Down 1.0%

The company has a quick ratio of 3.81, a current ratio of 3.81 and a debt-to-equity ratio of 0.83. The firm’s 50-day moving average price is $19.70 and its 200 day moving average price is $16.81. The firm has a market cap of $2.53 billion, a P/E ratio of 23.70 and a beta of 1.41.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings data on Monday, February 23rd. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.13. Adeia had a net margin of 25.05% and a return on equity of 38.01%. The firm had revenue of $182.64 million for the quarter, compared to the consensus estimate of $168.45 million. As a group, research analysts expect that Adeia Inc. will post 1.09 earnings per share for the current year.

Adeia Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, March 16th. Adeia’s payout ratio is 20.41%.

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.