Harbor Capital Advisors Inc. Buys 1,502 Shares of InterDigital, Inc. $IDCC

Key Points

• Harbor Capital Advisors Inc. increased its stake in InterDigital, Inc. by 3.6%, owning approximately 0.17% of the company, valued at around $9.79 million.
• Analyst ratings for InterDigital have improved, with Roth Capital raising their target price from $270 to $350 and maintaining a "buy" rating.
• InterDigital reported significant earnings growth, with EPS of $6.52 for the last quarter, exceeding expectations and showing a 34.5% increase in revenue year-over-year.

Harbor Capital Advisors Inc. increased its stake in shares of InterDigital, Inc. (NASDAQ:IDCC - Free Report) by 3.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,660 shares of the Wireless communications provider's stock after purchasing an additional 1,502 shares during the quarter. Harbor Capital Advisors Inc. owned 0.17% of InterDigital worth $9,790,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in IDCC. Wealth Enhancement Advisory Services LLC increased its stake in InterDigital by 7.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,489 shares of the Wireless communications provider's stock valued at $928,000 after purchasing an additional 316 shares during the last quarter. Inspire Investing LLC increased its stake in shares of InterDigital by 37.9% during the 1st quarter. Inspire Investing LLC now owns 15,227 shares of the Wireless communications provider's stock valued at $3,148,000 after acquiring an additional 4,188 shares during the last quarter. Cerity Partners LLC increased its stake in shares of InterDigital by 91.2% during the 1st quarter. Cerity Partners LLC now owns 2,576 shares of the Wireless communications provider's stock valued at $533,000 after acquiring an additional 1,229 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in InterDigital during the first quarter worth approximately $214,000. Finally, Envestnet Asset Management Inc. increased its position in InterDigital by 8.5% during the first quarter. Envestnet Asset Management Inc. now owns 146,384 shares of the Wireless communications provider's stock worth $30,265,000 after purchasing an additional 11,411 shares during the last quarter. Institutional investors and hedge funds own 99.83% of the company's stock.

Insider Activity

In related news, insider Joshua D. Schmidt sold 466 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $273.12, for a total value of $127,273.92. Following the completion of the transaction, the insider owned 28,370 shares in the company, valued at $7,748,414.40. This trade represents a 1.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Rajesh Pankaj sold 1,000 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $289.78, for a total transaction of $289,780.00. Following the sale, the chief technology officer directly owned 66,122 shares of the company's stock, valued at $19,160,833.16. This represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,932 shares of company stock valued at $1,010,930 in the last ninety days. Corporate insiders own 2.80% of the company's stock.

Analysts Set New Price Targets

Separately, Roth Capital upped their price target on shares of InterDigital from $270.00 to $350.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $350.00.

InterDigital Stock Down 1.3%

NASDAQ:IDCC traded down $4.40 during trading hours on Friday, hitting $334.81. The stock had a trading volume of 768,534 shares, compared to its average volume of 301,858. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.02. InterDigital, Inc. has a 1-year low of $136.58 and a 1-year high of $341.47. The business has a 50 day simple moving average of $268.76 and a two-hundred day simple moving average of $232.48. The company has a market cap of $8.64 billion, a PE ratio of 23.86, a price-to-earnings-growth ratio of 1.69 and a beta of 1.42.

InterDigital (NASDAQ:IDCC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The Wireless communications provider reported $6.52 earnings per share for the quarter, topping the consensus estimate of $2.77 by $3.75. The company had revenue of $300.60 million during the quarter, compared to analyst estimates of $167.93 million. InterDigital had a net margin of 51.92% and a return on equity of 53.44%. The firm's revenue for the quarter was up 34.5% compared to the same quarter last year. During the same period last year, the business earned $4.57 EPS. InterDigital has set its FY 2025 guidance at 14.170-14.770 EPS. Q3 2025 guidance at 1.520-1.720 EPS. Analysts predict that InterDigital, Inc. will post 9.21 EPS for the current year.

InterDigital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Wednesday, October 8th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, October 8th. This is an increase from InterDigital's previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a yield of 0.8%. InterDigital's dividend payout ratio is currently 17.11%.

InterDigital Company Profile

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.