Adeia Inc. (NASDAQ:ADEA) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its holdings in Adeia Inc. (NASDAQ:ADEA) by 60.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 30,445 shares of the company’s stock after selling 46,284 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Adeia were worth $363,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Wedge Capital Management L L P NC lifted its holdings in shares of Adeia by 0.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 100,905 shares of the company’s stock valued at $1,129,000 after buying an additional 875 shares during the period. Gallacher Capital Management LLC lifted its holdings in shares of Adeia by 5.2% in the 2nd quarter. Gallacher Capital Management LLC now owns 23,803 shares of the company’s stock valued at $266,000 after buying an additional 1,186 shares during the period. Texas Permanent School Fund Corp lifted its holdings in shares of Adeia by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 93,797 shares of the company’s stock valued at $1,024,000 after buying an additional 1,215 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of Adeia by 2.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 62,915 shares of the company’s stock valued at $687,000 after buying an additional 1,420 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Adeia by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 21,579 shares of the company’s stock valued at $236,000 after buying an additional 1,483 shares during the period. 97.36% of the stock is owned by institutional investors and hedge funds.

Adeia Stock Performance

Shares of ADEA stock opened at $12.47 on Friday. The stock has a fifty day moving average price of $12.06 and a 200 day moving average price of $11.46. The stock has a market cap of $1.36 billion, a PE ratio of 31.18 and a beta of 1.44. Adeia Inc. has a 1 year low of $8.61 and a 1 year high of $13.39. The company has a debt-to-equity ratio of 1.42, a quick ratio of 3.00 and a current ratio of 3.00.

Adeia (NASDAQ:ADEA) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The company had revenue of $87.35 million during the quarter, compared to the consensus estimate of $83.74 million. Adeia had a return on equity of 33.28% and a net margin of 12.87%. Sell-side analysts forecast that Adeia Inc. will post 1.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. BWS Financial reissued a “buy” rating and issued a $16.00 price target on shares of Adeia in a report on Thursday, September 26th. Rosenblatt Securities reaffirmed a “buy” rating and set a $15.00 price objective on shares of Adeia in a report on Thursday.

Adeia Company Profile

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.