InterDigital (NASDAQ:IDCC) Stock: Insider Rajesh Pankaj Sells 1,500 Shares

InterDigital, Inc. (NASDAQ:IDCC) CTO Rajesh Pankaj sold 1,500 shares of InterDigital stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $307.38, for a total transaction of $461,070.00. Following the transaction, the chief technology officer directly owned 62,050 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is available 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 transaction 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 transaction of $507,000.00.

InterDigital Price Performance

Shares of NASDAQ IDCC opened at $285.28 on Friday. InterDigital, Inc. has a fifty-two week low of $249.14 and a fifty-two week high of $387.30. The company has a 50 day simple moving average of $327.74 and a two-hundred day simple moving average of $317.91. 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 company has a debt-to-equity ratio of 0.01, a quick ratio of 1.90 and a current ratio of 1.90.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, October 29th. The Wireless communications provider reported $3.11 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $1.77. The firm had revenue of $193.43 million for the quarter, compared to analysts’ expectations of $152.97 million. InterDigital had a return on equity of 28.34% and a net margin of 38.53%. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 EPS. Analysts expect that InterDigital, Inc. will post 10.44 EPS for the current fiscal year.

InterDigital Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Wednesday, October 14th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.1%. This is a positive change from InterDigital’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Wednesday, October 14th. InterDigital’s dividend payout ratio is presently 33.04%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IDCC. Moors & Cabot Inc. purchased a new stake in InterDigital in the 3rd quarter worth $204,000. New York Life Investment Management LLC grew its position in shares of InterDigital by 21.6% during the third quarter. New York Life Investment Management LLC now owns 3,830 shares of the Wireless communications provider’s stock valued at $1,249,000 after purchasing an additional 680 shares in the last quarter. Gen Wealth Partners Inc purchased a new position in shares of InterDigital during the third quarter valued at about $37,000. Allspring Global Investments Holdings LLC increased its holdings in shares of InterDigital by 4.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,240 shares of the Wireless communications provider’s stock worth $1,101,000 after purchasing an additional 131 shares during the last quarter. Finally, Hohimer Wealth Management LLC bought a new stake in shares of InterDigital in the third quarter worth about $1,118,000. Institutional investors own 99.83% of the company’s stock.

InterDigital Company Profile

InterDigital, Inc is a technology research and development company whose work focuses on wireless communications, video and related digital technologies. Rather than selling consumer devices, the company develops technology and licenses its intellectual property to companies that make and use connected products and services.

Its research spans cellular communications, including technologies used in 4G and 5G networks, as well as Wi-Fi, video compression and other areas. InterDigital holds patents covering technologies incorporated into industry standards and licenses its portfolio to companies around the world.

Founded in 1972, InterDigital is headquartered in Wilmington, Delaware.