Fintel reports that Starboard Value has filed a 13D/A form with the SEC disclosing ownership of 20.00MM shares of Acacia Research Corp (ACTG). This represents 34.2% of the company.

In their previous filing dated November 8, 2022 they reported 5.00MM shares and 11.50% of the company, an increase in shares of 300.00% and an increase in total ownership of 22.70% (calculated as current – previous percent ownership).

Analyst Price Forecast Suggests 85.88% Upside

As of March 2, 2023, the average one-year price target for Acacia Research is $8.16. The forecasts range from a low of $8.08 to a high of $8.40. The average price target represents an increase of 85.88% from its latest reported closing price of $4.39.

The projected annual revenue for Acacia Research is $60MM, a decrease of 44.97%. The projected annual non-GAAP EPS is -$0.04.

What is the Fund Sentiment?

There are 145 funds or institutions reporting positions in Acacia Research. This is a decrease of 30 owner(s) or 17.14% in the last quarter. Average portfolio weight of all funds dedicated to ACTG is 0.14%, an increase of 30.09%. Total shares owned by institutions increased in the last three months by 18.18% to 29,122K shares. The put/call ratio of ACTG is 0.12, indicating a bullish outlook.

What are large shareholders doing?

AIM INTERNATIONAL MUTUAL FUNDS – Invesco Oppenheimer Global Opportunities Fund Class R5 holds 2,500K shares representing 5.75% ownership of the company. No change in the last quarter.

ArrowMark Colorado Holdings holds 1,997K shares representing 4.59% ownership of the company. In it’s prior filing, the firm reported owning 1,801K shares, representing an increase of 9.81%. The firm increased its portfolio allocation in ACTG by 12.45% over the last quarter.

FSCFX – Strategic Advisers Small-Mid Cap Fund holds 1,914K shares representing 4.40% ownership of the company. In it’s prior filing, the firm reported owning 1,821K shares, representing an increase of 4.85%. The firm decreased its portfolio allocation in ACTG by 2.00% over the last quarter.

Formidable Asset Management holds 1,695K shares representing 3.90% ownership of the company. In it’s prior filing, the firm reported owning 1,941K shares, representing a decrease of 14.52%. The firm decreased its portfolio allocation in ACTG by 9.22% over the last quarter.

Renaissance Technologies holds 1,626K shares representing 3.74% ownership of the company. In it’s prior filing, the firm reported owning 1,741K shares, representing a decrease of 7.03%. The firm decreased its portfolio allocation in ACTG by 5.85% over the last quarter.

Acacia Research Background Information
(This description is provided by the company.)

Founded in 1993, Acacia Research Corporation (ACTG) invests in Intellectual Property Assets and partners with inventors and patent owners to realize the financial value in their patented inventions. Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to the patent owner.

This article originally appeared on Fintel