InterDigital (NASDAQ:IDCC) Updates FY24 Earnings Guidance

InterDigital (NASDAQ:IDCC) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $7.45-8.76 for the period, compared to the consensus EPS estimate of $5.83. The company issued revenue guidance of $620-670 million, compared to the consensus revenue estimate of $634.73 million. InterDigital also updated its Q2 guidance to $0.70-0.80 EPS.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America reaffirmed an underperform rating and set a $100.00 price target (down from $140.00) on shares of InterDigital in a research report on Monday, April 1st. StockNews.com raised InterDigital from a hold rating to a buy rating in a research report on Monday, April 29th.

InterDigital Stock Up 0.8 %

Shares of IDCC traded up $0.78 during mid-day trading on Friday, reaching $103.64. 586,663 shares of the stock traded hands, compared to its average volume of 479,142. The stock has a fifty day simple moving average of $101.75 and a 200 day simple moving average of $100.73. InterDigital has a 12-month low of $67.68 and a 12-month high of $119.86. The company has a quick ratio of 1.33, a current ratio of 1.34 and a debt-to-equity ratio of 0.14. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 0.85 and a beta of 1.35.

InterDigital (NASDAQ:IDCC) last posted its earnings results on Thursday, February 15th. The Wireless communications provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. InterDigital had a net margin of 31.18% and a return on equity of 32.57%. The business had revenue of $105.52 million for the quarter, compared to analysts’ expectations of $104.31 million. Sell-side analysts expect that InterDigital will post 7.02 EPS for the current fiscal year.

InterDigital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 10th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, April 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.54%. InterDigital’s payout ratio is currently 23.53%.

Insider Transactions at InterDigital

In related news, insider Eeva K. Hakoranta sold 699 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $95.77, for a total value of $66,943.23. Following the sale, the insider now directly owns 29,984 shares of the company’s stock, valued at $2,871,567.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CTO Rajesh Pankaj sold 650 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $95.33, for a total value of $61,964.50. Following the sale, the chief technology officer now directly owns 64,939 shares of the company’s stock, valued at $6,190,634.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eeva K. Hakoranta sold 699 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $95.77, for a total transaction of $66,943.23. Following the completion of the sale, the insider now directly owns 29,984 shares in the company, valued at $2,871,567.68. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

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.