InterDigital (NASDAQ:IDCC) Lifted to “Buy” at ValuEngine

InterDigital (NASDAQ:IDCC) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Thursday, November 16th.

A number of other research firms have also issued reports on IDCC. B. Riley reiterated a “buy” rating and issued a $100.00 target price on shares of InterDigital in a research note on Monday, July 24th. Zacks Investment Research downgraded InterDigital from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 24th. Finally, Sidoti raised InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. InterDigital presently has a consensus rating of “Hold” and a consensus target price of $89.00.

InterDigital (NASDAQ IDCC) traded up $3.30 during mid-day trading on Thursday, hitting $77.45. The stock had a trading volume of 495,625 shares, compared to its average volume of 331,863. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.34. InterDigital has a fifty-two week low of $67.55 and a fifty-two week high of $102.30. The firm has a market capitalization of $2,690.00, a price-to-earnings ratio of 10.24 and a beta of 0.97.

InterDigital (NASDAQ:IDCC) last posted its earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.34. InterDigital had a return on equity of 32.77% and a net margin of 42.94%. The business had revenue of $97.30 million during the quarter, compared to analyst estimates of $94.13 million. During the same quarter last year, the firm earned $2.99 earnings per share. The company’s revenue for the quarter was down 53.3% compared to the same quarter last year. research analysts expect that InterDigital will post 4.04 EPS for the current fiscal year.

InterDigital declared that its Board of Directors has approved a share repurchase plan on Thursday, September 14th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the Wireless communications provider to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

In other InterDigital news, EVP James J. Nolan sold 5,020 shares of the stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $75.00, for a total transaction of $376,500.00. Following the transaction, the executive vice president now owns 49,063 shares of the company’s stock, valued at approximately $3,679,725. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott A. Mcquilkin sold 500 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $75.00, for a total value of $37,500.00. Following the transaction, the executive vice president now directly owns 79,319 shares in the company, valued at approximately $5,948,925. The disclosure for this sale can be found here. Insiders sold 8,081 shares of company stock valued at $599,186 in the last three months. 1.90% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in IDCC. OppenheimerFunds Inc. bought a new position in InterDigital during the 1st quarter worth approximately $229,000. Teachers Advisors LLC lifted its holdings in InterDigital by 5.3% during the 1st quarter. Teachers Advisors LLC now owns 60,779 shares of the Wireless communications provider’s stock worth $5,245,000 after buying an additional 3,053 shares during the last quarter. Capstone Asset Management Co. lifted its holdings in InterDigital by 5.1% during the 2nd quarter. Capstone Asset Management Co. now owns 6,429 shares of the Wireless communications provider’s stock worth $497,000 after buying an additional 310 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in InterDigital by 4.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 12,600 shares of the Wireless communications provider’s stock worth $974,000 after buying an additional 530 shares during the last quarter. Finally, LS Investment Advisors LLC lifted its holdings in InterDigital by 10.9% during the 2nd quarter. LS Investment Advisors LLC now owns 4,394 shares of the Wireless communications provider’s stock worth $340,000 after buying an additional 431 shares during the last quarter. 72.92% of the stock is currently owned by institutional investors.

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InterDigital Company Profile

InterDigital, Inc designs and develops technologies for wireless communications. The Company is focused on three technology areas: cellular wireless technology, Internet of things (IoT) technology, and, through its Hillcrest Laboratories, Inc (Hillcrest Labs) subsidiary, sensor and sensor fusion technology.

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