Adeia (NASDAQ:ADEA) Hits New 12-Month High – Still a Buy?

Adeia Inc. (NASDAQ:ADEAGet Free Report)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $13.60 and last traded at $13.60, with a volume of 99751 shares changing hands. The stock had previously closed at $12.79.

Analyst Ratings Changes

ADEA has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $15.00 target price on shares of Adeia in a research note on Thursday, October 31st. BWS Financial reissued a “buy” rating and set a $16.00 price objective on shares of Adeia in a report on Thursday, September 26th.

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Adeia Stock Up 8.5 %

The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 31.98 and a beta of 1.44. The firm has a 50 day moving average price of $12.08 and a 200-day moving average price of $11.52. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 1.42.

Adeia (NASDAQ:ADEAGet Free Report) last released its earnings results on Tuesday, August 6th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The company had revenue of $87.35 million for the quarter, compared to analyst estimates of $83.74 million. Adeia had a net margin of 12.87% and a return on equity of 33.28%. On average, equities analysts forecast that Adeia Inc. will post 1.18 EPS for the current year.

Hedge Funds Weigh In On Adeia

Several large investors have recently added to or reduced their stakes in ADEA. Vanguard Group Inc. boosted its holdings in shares of Adeia by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 14,117,819 shares of the company’s stock valued at $154,167,000 after purchasing an additional 132,718 shares during the last quarter. LSV Asset Management increased its holdings in Adeia by 11.6% in the 2nd quarter. LSV Asset Management now owns 3,755,894 shares of the company’s stock valued at $42,010,000 after purchasing an additional 390,836 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Adeia by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,748,258 shares of the company’s stock worth $30,737,000 after purchasing an additional 159,254 shares in the last quarter. Boston Partners grew its holdings in Adeia by 16.5% during the 1st quarter. Boston Partners now owns 2,296,116 shares of the company’s stock valued at $24,761,000 after purchasing an additional 325,342 shares in the last quarter. Finally, Systematic Financial Management LP increased its holdings in Adeia by 1.4% during the 2nd quarter. Systematic Financial Management LP now owns 1,846,460 shares of the company’s stock worth $20,653,000 after purchasing an additional 25,796 shares during the last quarter. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Company Profile

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Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.

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