InterDigital, Inc. (NASDAQ:IDCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $82.00 target price on the Wireless communications provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.79% from the company’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. “

Other equities research analysts have also recently issued research reports about the company. B. Riley restated a “buy” rating and set a $100.00 price objective on shares of InterDigital in a report on Saturday, July 29th. ValuEngine cut InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. Finally, BidaskClub cut InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $89.00.

InterDigital (NASDAQ:IDCC) last posted its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.34. InterDigital had a return on equity of 32.77% and a net margin of 42.94%. The business had revenue of $97.30 million for the quarter, compared to analysts’ expectations of $94.13 million. During the same quarter last year, the firm earned $2.99 earnings per share. The business’s revenue was down 53.3% on a year-over-year basis.

InterDigital declared that its Board of Directors has authorized a stock repurchase program on Thursday, September 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the Wireless communications provider to purchase up to 4.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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In related news, EVP Scott A. Mcquilkin sold 500 shares of the stock in a transaction on Friday, September 29th. The stock was 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 of the company’s stock, valued at approximately $5,948,925. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James J. Nolan sold 2,294 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 54,042 shares in the company, valued at $3,853,194.60. The disclosure for this sale can be found here. Insiders sold a total of 5,355 shares of company stock worth $386,248 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of IDCC. Koch Industries Inc. raised its position in shares of InterDigital by 5,919.7% in the 2nd quarter. Koch Industries Inc. now owns 473,089 shares of the Wireless communications provider’s stock worth $467,000 after buying an additional 465,230 shares during the period. Schroder Investment Management Group raised its position in shares of InterDigital by 1,149.0% in the 2nd quarter. Schroder Investment Management Group now owns 152,815 shares of the Wireless communications provider’s stock worth $12,103,000 after buying an additional 140,580 shares during the period. Renaissance Technologies LLC raised its position in shares of InterDigital by 20.8% in the 2nd quarter. Renaissance Technologies LLC now owns 574,574 shares of the Wireless communications provider’s stock worth $44,415,000 after buying an additional 98,874 shares during the period. State Street Corp raised its position in shares of InterDigital by 8.2% in the 2nd quarter. State Street Corp now owns 1,199,522 shares of the Wireless communications provider’s stock worth $92,724,000 after buying an additional 91,286 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of InterDigital by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 2,825,391 shares of the Wireless communications provider’s stock worth $243,831,000 after buying an additional 89,997 shares during the period. 75.33% of the stock is currently owned by institutional investors and hedge funds.

InterDigital Company Profile

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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