InterDigital’s (IDCC) “Hold” Rating Reaffirmed at B. Riley
A number of other equities analysts have also recently issued reports on IDCC. TheStreet raised shares of InterDigital from a hold rating to a buy rating in a report on Wednesday, August 3rd. Zacks Investment Research raised shares of InterDigital from a sell rating to a strong-buy rating and set a $75.00 target price on the stock in a report on Saturday, August 6th. Barclays PLC raised their target price on shares of InterDigital from $65.00 to $75.00 and gave the stock an equal weight rating in a report on Friday, September 9th. Finally, Dougherty & Co cut InterDigital from a buy rating to a neutral rating in a report on Wednesday, October 5th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. InterDigital currently has a consensus rating of Hold and a consensus price target of $79.67.
Shares of InterDigital (NASDAQ:IDCC) opened at 80.55 on Tuesday. InterDigital has a 12-month low of $41.01 and a 12-month high of $81.40. The company has a 50 day moving average price of $76.30 and a 200-day moving average price of $67.17. The firm has a market cap of $2.76 billion, a PE ratio of 13.82 and a beta of 1.07.
InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, October 27th. The company reported $2.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.08 by $0.09. InterDigital had a return on equity of 33.71% and a net margin of 40.78%. The business earned $208.30 million during the quarter, compared to the consensus estimate of $210.68 million. During the same period in the prior year, the business earned $0.68 EPS. The business’s revenue was up 107.5% on a year-over-year basis. Analysts expect that InterDigital will post $5.73 EPS for the current year.
In related news, insider William J. Merritt sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $78.35, for a total transaction of $391,750.00. Following the transaction, the insider now owns 136,072 shares in the company, valued at $10,661,241.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Richard Brezski sold 6,807 shares of the firm’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $70.00, for a total transaction of $476,490.00. Following the transaction, the chief financial officer now owns 20,556 shares in the company, valued at approximately $1,438,920. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its position in InterDigital by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,801 shares of the company’s stock worth $100,000 after buying an additional 784 shares in the last quarter. HL Financial Services LLC raised its position in InterDigital by 0.6% in the second quarter. HL Financial Services LLC now owns 4,755 shares of the company’s stock valued at $265,000 after buying an additional 27 shares during the period. Nomura Holdings Inc. raised its position in InterDigital by 1,495.2% in the second quarter. Nomura Holdings Inc. now owns 143,660 shares of the company’s stock valued at $8,024,000 after buying an additional 134,654 shares during the period. Twin Capital Management Inc. acquired a new position in InterDigital during the second quarter valued at about $1,556,000. Finally, Blair William & Co. IL raised its position in InterDigital by 1.8% in the second quarter. Blair William & Co. IL now owns 11,069 shares of the company’s stock valued at $616,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 68.88% of the company’s stock.
InterDigital, Inc designs and develops technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.
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