InterDigital, Inc. (NASDAQ:IDCC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “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. It offers 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. Products incorporating its inventions include mobile devices, such as cellular phones, tablets, notebook computers and wireless personal digital assistants; wireless infrastructure equipment, such as base stations; components, dongles and modules for wireless devices, and IoT devices and software platforms. The Company is developing a range of technologies in the areas of video compression and delivery, security, analytics, and other areas. “

A number of other brokerages have also recently commented on IDCC. B. Riley reissued a “buy” rating and issued a $100.00 target price on shares of InterDigital in a research note on Monday, July 24th. BidaskClub cut InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Sidoti raised InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. Finally, ValuEngine cut InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $87.75.

Shares of InterDigital (IDCC) traded up 0.80% during mid-day trading on Tuesday, reaching $75.50. 209,061 shares of the company traded hands. The company has a market capitalization of $2.62 billion, a P/E ratio of 8.23 and a beta of 0.93. InterDigital has a 52-week low of $67.55 and a 52-week high of $102.30. The firm’s 50 day moving average price is $73.41 and its 200-day moving average price is $77.77.

InterDigital (NASDAQ:IDCC) last released its earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.41 by $0.05. The company had revenue of $135.78 million during the quarter, compared to analysts’ expectations of $133.69 million. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period last year, the firm earned $1.14 EPS. Equities analysts predict that InterDigital will post $3.61 earnings per share for the current fiscal year.

InterDigital announced that its board has initiated a stock repurchase program on Thursday, September 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the Wireless communications provider to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

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In other news, EVP James J. Nolan sold 2,294 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.30, for a total value of $163,562.20. Following the transaction, the executive vice president now owns 54,042 shares of the company’s stock, valued at $3,853,194.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction that occurred 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 completion of 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. 1.90% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. grew its position in InterDigital by 0.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 2,796 shares of the Wireless communications provider’s stock worth $216,000 after buying an additional 15 shares in the last quarter. Nisa Investment Advisors LLC grew its position in InterDigital by 0.9% during the second quarter. Nisa Investment Advisors LLC now owns 5,760 shares of the Wireless communications provider’s stock worth $461,000 after buying an additional 50 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in InterDigital by 1.0% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,062 shares of the Wireless communications provider’s stock worth $391,000 after buying an additional 51 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its position in InterDigital by 1.0% during the second quarter. Northwestern Mutual Investment Management Company LLC now owns 5,969 shares of the Wireless communications provider’s stock worth $332,000 after buying an additional 57 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in InterDigital by 0.9% during the second quarter. State Board of Administration of Florida Retirement System now owns 13,113 shares of the Wireless communications provider’s stock worth $1,014,000 after buying an additional 122 shares in the last quarter. 74.92% of the stock is currently owned by institutional investors and hedge funds.

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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