Craig Hallum Forecasts Strong Price Appreciation for Acacia Research (NASDAQ:ACTG) Stock

Key Points

• Craig Hallum raised its price target on Acacia Research to $6.00 (from $5.00) and maintained a buy rating, implying about a 26.85% upside from the prior close.
• Analyst sentiment is mixed—one buy and one sell—leaving an average rating of Hold and an average price target of $6.00.
• Shares traded down about 5.4% to $4.73 on above-average volume; the stock has a market cap of ~$456M, a P/E of 95.14, and high institutional ownership (~86.7%).

Acacia Research (NASDAQ:ACTG - Get Free Report) had its target price raised by stock analysts at Craig Hallum from $5.00 to $6.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the business services provider's stock. Craig Hallum's price objective indicates a potential upside of 26.85% from the stock's previous close.

Several other equities research analysts also recently issued reports on ACTG. Weiss Ratings reiterated a "sell (d)" rating on shares of Acacia Research in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Acacia Research from a "hold" rating to a "buy" rating in a report on Saturday, November 15th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Acacia Research currently has an average rating of "Hold" and an average price target of $6.00.

Acacia Research Trading Down 5.4%

Shares of NASDAQ:ACTG traded down $0.27 during midday trading on Thursday, reaching $4.73. 458,451 shares of the company's stock were exchanged, compared to its average volume of 269,651. The stock has a market cap of $456.26 million, a price-to-earnings ratio of 95.14 and a beta of 0.52. Acacia Research has a fifty-two week low of $2.70 and a fifty-two week high of $5.13. The firm's 50 day simple moving average is $3.99 and its two-hundred day simple moving average is $3.68. The company has a debt-to-equity ratio of 0.16, a current ratio of 8.63 and a quick ratio of 8.11.

Hedge Funds Weigh In On Acacia Research

A number of institutional investors and hedge funds have recently made changes to their positions in ACTG. AQR Capital Management LLC acquired a new stake in Acacia Research during the first quarter worth approximately $35,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Acacia Research during the fourth quarter worth about $37,000. Zions Bancorporation National Association UT purchased a new stake in shares of Acacia Research in the 4th quarter valued at about $38,000. Sather Financial Group Inc acquired a new stake in shares of Acacia Research in the 3rd quarter valued at about $48,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Acacia Research in the 4th quarter valued at about $49,000. 86.69% of the stock is owned by institutional investors and hedge funds.

Acacia Research Company Profile

Acacia Research Corporation is a publicly traded patent licensing company based in New York City. The firm specializes in acquiring patented technologies through a network of wholly owned subsidiaries and seeking licensing agreements or settlements with companies that utilize those technologies. Since its founding in 1993, Acacia has built a business model centered on identifying innovative inventions and monetizing them through patent enforcement and strategic partnerships.

The company's activities span a broad range of technology sectors, including life sciences, medical devices, software, telecommunications and consumer electronics.

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