InterDigital (NASDAQ:IDCC) Raised to “Buy” at StockNews.com

InterDigital (NASDAQ:IDCC) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

Separately, Bank of America restated an “underperform” rating and set a $100.00 price target (down from $140.00) on shares of InterDigital in a research report on Monday, April 1st.

InterDigital Trading Up 0.2 %

NASDAQ IDCC traded up $0.23 on Monday, hitting $100.94. The company’s stock had a trading volume of 308,695 shares, compared to its average volume of 490,406. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.05. InterDigital has a 52-week low of $66.82 and a 52-week high of $119.86. The firm has a market cap of $2.56 billion, a P/E ratio of 13.46, a PEG ratio of 0.82 and a beta of 1.34. The company’s 50-day simple moving average is $102.42 and its 200 day simple moving average is $100.29.

InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, February 15th. The Wireless communications provider reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. InterDigital had a net margin of 38.95% and a return on equity of 37.77%. The business had revenue of $105.52 million for the quarter, compared to analysts’ expectations of $104.31 million. Research analysts predict that InterDigital will post 7.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Rajesh Pankaj sold 650 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $95.33, for a total transaction of $61,964.50. Following the completion of the transaction, the chief technology officer now directly owns 64,939 shares of the company’s stock, valued at $6,190,634.87. The sale was disclosed in a filing with the SEC, which is available through this link. In other InterDigital news, CTO Rajesh Pankaj sold 650 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $95.33, for a total value of $61,964.50. Following the completion of the sale, the chief technology officer now owns 64,939 shares of the company’s stock, valued at $6,190,634.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Eeva K. Hakoranta sold 699 shares of InterDigital stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $95.77, for a total value of $66,943.23. Following the sale, the insider now owns 29,984 shares of the company’s stock, valued at $2,871,567.68. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

Institutional Trading of InterDigital

A number of institutional investors have recently modified their holdings of IDCC. Principal Financial Group Inc. raised its stake in shares of InterDigital by 1.2% in the first quarter. Principal Financial Group Inc. now owns 151,173 shares of the Wireless communications provider’s stock worth $16,094,000 after purchasing an additional 1,758 shares during the last quarter. New York State Teachers Retirement System grew its holdings in InterDigital by 5.9% in the first quarter. New York State Teachers Retirement System now owns 30,592 shares of the Wireless communications provider’s stock valued at $3,257,000 after purchasing an additional 1,696 shares during the period. Simplicity Wealth LLC purchased a new stake in shares of InterDigital in the first quarter valued at approximately $490,000. Assenagon Asset Management S.A. raised its stake in shares of InterDigital by 6.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 19,653 shares of the Wireless communications provider’s stock worth $2,092,000 after buying an additional 1,122 shares during the period. Finally, PFG Investments LLC purchased a new position in shares of InterDigital during the 1st quarter valued at approximately $1,784,000. 99.83% of the stock is currently owned by institutional investors.

InterDigital Company Profile

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.