Adeia's (ADEA) "Buy" Rating Reaffirmed at Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed its "Buy" rating on Adeia and set a $40 price target, implying a potential upside of roughly 63.83% from the current price.
• Consensus among brokers is a Moderate Buy (five Buy ratings, one Hold) with an average analyst target of $28.80.
• Adeia posted a strong quarter—$0.86 EPS vs. $0.73 expected and $182.6M revenue vs. $168.5M est.—and trades around $24.42 with a PE of 24.9, ROE ~38%, and institutional ownership near 97%.

Adeia (NASDAQ:ADEA - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Rosenblatt Securities in a research note issued to investors on Thursday,Benzinga reports. They currently have a $40.00 price objective on the stock. Rosenblatt Securities' target price would suggest a potential upside of 63.83% from the company's current price.

Several other brokerages have also issued reports on ADEA. Wall Street Zen upgraded Adeia from a "hold" rating to a "strong-buy" rating in a research note on Saturday, March 7th. BWS Financial restated a "buy" rating and set a $30.00 price objective on shares of Adeia in a research report on Monday, March 9th. Zacks Research lowered Adeia from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 26th. Weiss Ratings upgraded shares of Adeia from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, January 12th. Finally, Roth Mkm boosted their price target on shares of Adeia from $27.00 to $34.00 and gave the company a "buy" rating in a report on Monday, March 16th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Adeia currently has a consensus rating of "Moderate Buy" and an average target price of $28.80.

Adeia Stock Performance

Shares of Adeia stock opened at $24.42 on Thursday. The stock has a market cap of $2.70 billion, a PE ratio of 24.91 and a beta of 1.29. Adeia has a 12 month low of $10.59 and a 12 month high of $26.09. 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 business has a fifty day simple moving average of $20.75 and a 200-day simple moving average of $17.44.

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

Hedge Funds Weigh In On Adeia

Large investors have recently modified their holdings of the stock. ProShare Advisors LLC raised its position in shares of Adeia by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 21,153 shares of the company's stock valued at $365,000 after buying an additional 656 shares in the last quarter. Redmond Asset Management LLC boosted its holdings in shares of Adeia by 0.4% in the 4th quarter. Redmond Asset Management LLC now owns 192,350 shares of the company's stock valued at $3,318,000 after purchasing an additional 727 shares in the last quarter. Amundi increased its stake in shares of Adeia by 4.5% in the 4th quarter. Amundi now owns 19,003 shares of the company's stock valued at $328,000 after purchasing an additional 827 shares during the last quarter. Vident Advisory LLC lifted its position in shares of Adeia by 2.6% during the 2nd quarter. Vident Advisory LLC now owns 37,366 shares of the company's stock worth $528,000 after buying an additional 937 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its stake in Adeia by 3.2% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 31,066 shares of the company's stock valued at $536,000 after buying an additional 971 shares in the last quarter. 97.36% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.