InterDigital (NASDAQ:IDCC) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of InterDigital (NASDAQ:IDCC) from a hold rating to a buy rating in a research note released on Monday.

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

InterDigital Price Performance

Shares of InterDigital stock opened at $97.90 on Monday. InterDigital has a 1-year low of $66.82 and a 1-year high of $119.86. The firm’s 50-day moving average price is $102.18 and its two-hundred day moving average price is $100.42. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 0.82 and a beta of 1.34.

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

InterDigital Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Wednesday, April 10th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.63%. The ex-dividend date was Tuesday, April 9th. InterDigital’s dividend payout ratio (DPR) is presently 21.33%.

Insiders Place Their Bets

In other news, insider Eeva K. Hakoranta sold 699 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $95.77, for a total transaction of $66,943.23. Following the transaction, the insider now owns 29,984 shares of the company’s stock, valued at $2,871,567.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other InterDigital news, insider Eeva K. Hakoranta sold 699 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $95.77, for a total transaction of $66,943.23. Following the transaction, the insider now directly owns 29,984 shares in the company, valued at approximately $2,871,567.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Rajesh Pankaj sold 650 shares of InterDigital 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 sale, the chief technology officer now owns 64,939 shares of the company’s stock, valued at approximately $6,190,634.87. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Palisade Asset Management LLC acquired a new stake in shares of InterDigital during the first quarter worth $64,000. Hussman Strategic Advisors Inc. grew its position in shares of InterDigital by 53.8% during the 1st quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the Wireless communications provider’s stock worth $4,471,000 after buying an additional 14,700 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of InterDigital by 13.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 73,464 shares of the Wireless communications provider’s stock valued at $7,821,000 after acquiring an additional 8,533 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of InterDigital in the 1st quarter valued at approximately $208,000. Finally, Commonwealth Equity Services LLC boosted its stake in InterDigital by 1,245.3% during the 1st quarter. Commonwealth Equity Services LLC now owns 61,735 shares of the Wireless communications provider’s stock worth $6,572,000 after acquiring an additional 57,146 shares during the last quarter. Institutional investors and hedge funds own 99.83% of the company’s stock.

About InterDigital

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.