InterDigital (NASDAQ:IDCC) CTO Rajesh Pankaj Sells 1,500 Shares of Company Stock

InterDigital, Inc. (NASDAQ:IDCC) CTO Rajesh Pankaj sold 1,500 shares of the stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $307.38, for a total transaction of $461,070.00. Following the sale, the chief technology officer directly owned 62,050 shares in the company, valued at $19,072,929. This trade represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rajesh Pankaj also recently made the following trade(s):

• On Monday, October 5th, Rajesh Pankaj sold 1,500 shares of InterDigital stock. The stock was sold at an average price of $334.32, for a total value of $501,480.00.
• On Tuesday, September 8th, Rajesh Pankaj sold 1,500 shares of InterDigital stock. The stock was sold at an average price of $338.00, for a total value of $507,000.00.

InterDigital Price Performance

Shares of IDCC opened at $285.28 on Friday. InterDigital, Inc. has a 1 year low of $249.14 and a 1 year high of $387.30. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 31.42 and a beta of 1.50. The business has a 50-day moving average of $327.74 and a 200-day moving average of $317.91.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, October 29th. The Wireless communications provider reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $1.77. InterDigital had a net margin of 38.53% and a return on equity of 28.34%. The company had revenue of $193.43 million for the quarter, compared to analyst estimates of $152.97 million. During the same quarter last year, the business earned $1.93 EPS. InterDigital’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, equities research analysts anticipate that InterDigital, Inc. will post 10.44 earnings per share for the current year.

InterDigital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Wednesday, October 14th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, October 14th. This is a positive change from InterDigital’s previous quarterly dividend of $0.70. InterDigital’s dividend payout ratio is currently 33.04%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IDCC. Reinhart Partners LLC. lifted its holdings in InterDigital by 9.0% during the second quarter. Reinhart Partners LLC. now owns 460,404 shares of the Wireless communications provider’s stock worth $130,359,000 after acquiring an additional 38,115 shares during the period. NewEdge Wealth LLC grew its stake in shares of InterDigital by 68.4% during the 1st quarter. NewEdge Wealth LLC now owns 13,783 shares of the Wireless communications provider’s stock valued at $4,163,000 after purchasing an additional 5,599 shares during the period. Renaissance Technologies LLC grew its stake in InterDigital by 104.7% during the first quarter. Renaissance Technologies LLC now owns 66,098 shares of the Wireless communications provider’s stock valued at $19,962,000 after acquiring an additional 33,800 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of InterDigital by 54.9% during the first quarter. NewEdge Advisors LLC now owns 9,239 shares of the Wireless communications provider’s stock valued at $2,790,000 after buying an additional 3,274 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in InterDigital by 2,027.6% during the fourth quarter. Hsbc Holdings PLC now owns 18,170 shares of the Wireless communications provider’s stock worth $5,820,000 after buying an additional 17,316 shares during the period. 99.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on IDCC shares. Zacks Research cut InterDigital from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Weiss Ratings downgraded shares of InterDigital from a “buy (b)” rating to a “hold (c+)” rating in a research report on Friday, October 30th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $425.00.

About InterDigital

InterDigital, Inc is a technology research and development company that creates advanced wireless, video and related connectivity technologies. Its work supports communications across cellular networks, including 4G and 5G, as well as Wi-Fi, the Internet of Things and other connected devices.

The company’s primary business is developing intellectual property and licensing its patented technologies to manufacturers and other industry participants. Its portfolio includes innovations related to wireless communications, radio access networks, signal processing, video compression and delivery, and connected-device functionality.