Adeia (NASDAQ:ADEA) Stock Gets Price Target Reduction from Rosenblatt Securities

Adeia (NASDAQ:ADEA) had its target price lowered by Rosenblatt Securities from $40.00 to $35.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently commented on the company. Weiss Ratings downgraded Adeia from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, September 29th. Zacks Research raised Adeia from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Finally, BWS Financial restated a “buy” rating and issued a $50.00 price target on shares of Adeia in a research report on Wednesday, October 7th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.60.

Adeia Stock Down 12.4%

Shares of NASDAQ ADEA opened at $14.82 on Tuesday. The company has a quick ratio of 3.25, a current ratio of 3.64 and a debt-to-equity ratio of 0.75. Adeia has a 52 week low of $11.61 and a 52 week high of $34.34. The firm has a 50-day moving average price of $23.69 and a 200 day moving average price of $25.43. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 11.06 and a beta of 1.46.

Adeia (NASDAQ:ADEA) last issued its earnings results on Monday, November 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.09). Adeia had a net margin of 25.04% and a return on equity of 36.17%. The company had revenue of $80.19 million during the quarter, compared to analysts’ expectations of $98.88 million. Equities research analysts anticipate that Adeia will post 1.17 EPS for the current fiscal year.

Adeia Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Investors of record on Monday, November 23rd will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, November 23rd. This represents a $0.20 annualized dividend and a yield of 1.3%. Adeia’s dividend payout ratio is 18.52%.

Hedge Funds Weigh In On Adeia

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Adeia in the 2nd quarter worth about $573,267,000. Wellington Management Group LLP lifted its stake in shares of Adeia by 4.6% in the 2nd quarter. Wellington Management Group LLP now owns 1,712,143 shares of the company’s stock valued at $56,381,000 after purchasing an additional 75,520 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Adeia during the 2nd quarter worth about $46,004,000. Deutsche Bank AG purchased a new stake in shares of Adeia during the 2nd quarter worth about $34,520,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Adeia during the 2nd quarter worth about $34,425,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

About Adeia

Adeia Inc is a semiconductor intellectual property company that develops and licenses technologies used in the design, manufacture and packaging of advanced electronic devices. Rather than producing semiconductors itself, the company works with chipmakers, foundries and other industry participants to commercialize its intellectual property.

Adeia’s portfolio includes technologies for three-dimensional semiconductor integration, hybrid bonding, advanced packaging, memory and chip-to-chip connectivity.