Zacks Investment Research Upgrades InterDigital, Inc. (IDCC) to “Buy”

InterDigital, Inc. (NASDAQ:IDCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $82.00 price target on the Wireless communications provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.02% from the stock’s previous close.

According to Zacks, “InterDigital develops fundamental wireless technologies that are at the core of mobile devices, networks, and services worldwide. Since their founding in 1972, their engineers have designed and developed a wide range of innovations that are used in digital cellular and wireless products and networks, including 2G, 3G, 4G and IEEE 802-related products and networks. They solve many of the industry’s most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world’s leading wireless companies. “

Several other brokerages have also commented on IDCC. B. Riley reiterated a “buy” rating and set a $100.00 price target on shares of InterDigital in a research note on Monday, July 24th. BidaskClub lowered shares of InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Sidoti upgraded shares of InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. Finally, ValuEngine lowered shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $89.00.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The firm had revenue of $97.30 million for the quarter, compared to analyst estimates of $94.13 million. During the same period last year, the business earned $2.99 EPS. InterDigital’s revenue for the quarter was down 53.3% compared to the same quarter last year.

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

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In other InterDigital news, EVP Scott A. Mcquilkin sold 500 shares of InterDigital stock in a transaction on Friday, September 29th. The shares were 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 $5,948,925. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jannie K. Lau sold 2,561 shares of InterDigital stock in a transaction on Monday, October 30th. The shares were sold at an average price of $72.31, for a total transaction of $185,185.91. Following the completion of the transaction, the executive vice president now owns 19,496 shares in the company, valued at $1,409,755.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,355 shares of company stock worth $386,248. 1.90% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of IDCC. Prudential Financial Inc. increased its stake in InterDigital by 11.6% in the first quarter. Prudential Financial Inc. now owns 24,178 shares of the Wireless communications provider’s stock valued at $2,087,000 after purchasing an additional 2,522 shares during the period. OppenheimerFunds Inc. acquired a new position in InterDigital in the first quarter valued at $229,000. Teachers Advisors LLC increased its stake in InterDigital by 5.3% in the first quarter. Teachers Advisors LLC now owns 60,779 shares of the Wireless communications provider’s stock valued at $5,245,000 after purchasing an additional 3,053 shares during the period. Legal & General Group Plc increased its stake in InterDigital by 24.2% in the first quarter. Legal & General Group Plc now owns 21,879 shares of the Wireless communications provider’s stock valued at $1,886,000 after purchasing an additional 4,270 shares during the period. Finally, Thrivent Financial For Lutherans increased its stake in InterDigital by 10.8% in the first quarter. Thrivent Financial For Lutherans now owns 7,073 shares of the Wireless communications provider’s stock valued at $612,000 after purchasing an additional 690 shares during the period. Institutional investors own 75.33% of the company’s stock.

About InterDigital

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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