Verition Fund Management LLC Boosts Stock Position in InterDigital, Inc. (NASDAQ:IDCC)

Verition Fund Management LLC lifted its position in shares of InterDigital, Inc. (NASDAQ:IDCC – Get Rating) by 221.3% in the third quarter, HoldingsChannel.com reports. The firm owned 13,382 shares of the Wireless communications provider’s stock after purchasing an additional 9,217 shares during the period. Verition Fund Management LLC’s holdings in InterDigital were worth $541,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of IDCC. CWM LLC boosted its holdings in shares of InterDigital by 62.0% during the third quarter. CWM LLC now owns 619 shares of the Wireless communications provider’s stock worth $25,000 after purchasing an additional 237 shares during the period. US Bancorp DE boosted its holdings in shares of InterDigital by 34.8% during the third quarter. US Bancorp DE now owns 1,216 shares of the Wireless communications provider’s stock worth $50,000 after purchasing an additional 314 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of InterDigital by 49.0% during the second quarter. Lazard Asset Management LLC now owns 1,998 shares of the Wireless communications provider’s stock worth $121,000 after purchasing an additional 657 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of InterDigital by 17.9% during the second quarter. Nisa Investment Advisors LLC now owns 2,106 shares of the Wireless communications provider’s stock worth $128,000 after purchasing an additional 320 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of InterDigital during the second quarter worth about $132,000. 83.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on IDCC. Jefferies Financial Group began coverage on shares of InterDigital in a report on Friday, December 9th. They issued a “buy” rating and a $80.00 price objective for the company. TheStreet upgraded shares of InterDigital from a “c+” rating to a “b” rating in a report on Monday, January 23rd. Finally, William Blair began coverage on shares of InterDigital in a report on Thursday, January 26th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $70.00.

InterDigital Stock Performance

Shares of IDCC opened at $73.52 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 4.96 and a quick ratio of 4.96. InterDigital, Inc. has a one year low of $40.23 and a one year high of $74.74. The company has a 50-day simple moving average of $65.72 and a two-hundred day simple moving average of $54.41. The firm has a market capitalization of $2.18 billion, a PE ratio of 23.79, a price-to-earnings-growth ratio of 2.47 and a beta of 1.21.

InterDigital (NASDAQ:IDCC – Get Rating) last released its earnings results on Wednesday, February 15th. The Wireless communications provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.16. InterDigital had a net margin of 20.47% and a return on equity of 13.02%. The firm had revenue of $117.10 million during the quarter, compared to analyst estimates of $113.93 million. During the same period last year, the business earned $0.70 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. On average, analysts anticipate that InterDigital, Inc. will post 2.6 EPS for the current fiscal year.

Insider Activity

In other news, Director John D. Jr. Markley sold 4,274 shares of InterDigital stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $73.86, for a total transaction of $315,677.64. Following the completion of the transaction, the director now directly owns 10,079 shares in the company, valued at $744,434.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John D. Jr. Markley sold 4,274 shares of InterDigital stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $73.86, for a total transaction of $315,677.64. Following the completion of the transaction, the director now directly owns 10,079 shares in the company, valued at $744,434.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eeva K. Hakoranta sold 766 shares of InterDigital stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $73.05, for a total transaction of $55,956.30. Following the transaction, the insider now owns 20,200 shares of the company’s stock, valued at $1,475,610. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,426 shares of company stock worth $1,137,809. Insiders own 1.20% of the company’s stock.

About InterDigital

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InterDigital, Inc engages in the design and development of technologies that enable and enhance wireless communications, and capabilities. It focuses on mobile technology and devices, which includes cellular wireless technology, Internet of Things, technology, video coding & transmission, sensor and sensor fusion technology.