Adeia (NASDAQ:ADEA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Adeia (NASDAQ:ADEA) from a hold rating to a strong-buy rating in a research note published on Saturday.

ADEA has been the subject of a number of other research reports. Rosenblatt Securities increased their target price on Adeia from $20.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Weiss Ratings raised Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. UBS Group set a $20.00 target price on shares of Adeia in a research note on Tuesday, December 23rd. Roth Mkm reiterated a “buy” rating on shares of Adeia in a research report on Monday, December 22nd. Finally, Maxim Group boosted their price target on shares of Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, December 23rd. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $27.20.

Adeia Stock Performance

NASDAQ ADEA opened at $22.31 on Friday. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 22.77 and a beta of 1.41. The stock has a 50-day moving average of $18.96 and a 200 day moving average of $16.45. The company has a current ratio of 3.81, a quick ratio of 3.81 and a debt-to-equity ratio of 0.83. Adeia has a twelve month low of $10.59 and a twelve month high of $22.37.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings data on Monday, February 23rd. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.73 by $0.13. Adeia had a return on equity of 38.01% and a net margin of 25.05%.The company had revenue of $182.64 million for the quarter, compared to analyst estimates of $168.45 million. Sell-side analysts anticipate that Adeia will post 1.09 EPS for the current fiscal year.

Adeia Announces Dividend

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

Hedge Funds Weigh In On Adeia

A number of institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new stake in Adeia in the third quarter valued at approximately $3,353,000. JPMorgan Chase & Co. boosted its position in shares of Adeia by 110.7% during the second quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company’s stock worth $10,644,000 after buying an additional 395,462 shares during the period. Cresset Asset Management LLC acquired a new stake in shares of Adeia in the second quarter valued at $1,874,000. Public Sector Pension Investment Board raised its holdings in shares of Adeia by 15.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 515,753 shares of the company’s stock valued at $8,665,000 after buying an additional 68,745 shares during the period. Finally, Skylands Capital LLC lifted its stake in Adeia by 17.5% during the 3rd quarter. Skylands Capital LLC now owns 497,300 shares of the company’s stock worth $8,355,000 after acquiring an additional 74,076 shares in the last quarter. 97.36% of the stock is owned by hedge funds and other institutional investors.

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.