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 approximately 60.5% upside from the stock’s $24.92 opening price.
• Adeia has a “Moderate Buy” consensus rating, with five analysts rating it Buy and one Hold; the average price target is $37.60.
• The company recently reported quarterly EPS of $0.34, beating estimates by $0.03, while institutional investors own 97.36% of its shares.

Adeia (NASDAQ:ADEA - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Rosenblatt Securities in a note issued to investors on Tuesday, Benzinga reports. They presently have a $40.00 price target on the stock. Rosenblatt Securities' target price points to a potential upside of 60.51% from the stock's current price.

ADEA has been the subject of several other reports. Zacks Research upgraded shares of Adeia from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Adeia from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, September 16th. Finally, BWS Financial upped their price objective on shares of Adeia from $30.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $37.60.

Adeia Price Performance

Shares of NASDAQ:ADEA opened at $24.92 on Tuesday. The firm has a 50 day moving average of $26.56 and a 200-day moving average of $27.65. The stock has a market capitalization of $2.75 billion, a PE ratio of 23.07 and a beta of 1.38. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. Adeia has a 12 month low of $11.61 and a 12 month high of $34.34.

Adeia (NASDAQ:ADEA - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. The company had revenue of $96.12 million during the quarter, compared to analysts' expectations of $96.79 million. Adeia had a net margin of 26.05% and a return on equity of 39.26%. On average, equities research analysts predict that Adeia will post 1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Adeia

A number of institutional investors have recently added to or reduced their stakes in ADEA. BlackRock Inc. bought a new stake in Adeia during the 2nd quarter worth approximately $573,267,000. The Manufacturers Life Insurance Company bought a new stake in Adeia during the 2nd quarter worth approximately $46,004,000. Deutsche Bank AG bought a new stake in Adeia during the 2nd quarter worth approximately $34,520,000. Bank of New York Mellon Corp bought a new stake in Adeia during the 2nd quarter worth approximately $34,425,000. Finally, Bank of America Corp DE bought a new stake in Adeia during the 2nd quarter worth approximately $23,679,000. 97.36% of the stock is owned by institutional investors.

About Adeia

Adeia Inc NASDAQ: ADEA is a semiconductor and intellectual property licensing company. It develops and licenses technologies that help semiconductor manufacturers and electronics companies design and produce advanced chips and systems.

The company's portfolio includes semiconductor packaging and interconnect technologies, such as hybrid bonding and other solutions intended to improve performance, power efficiency and integration in advanced electronic devices. Its intellectual property is used across applications including data centers, communications, consumer electronics, automotive systems and other connected devices.

Adeia serves customers and technology partners internationally through licensing agreements and related business relationships.