Integrated Device Technology Inc. (IDTI) Shares Up 1.8%
Integrated Device Technology Inc. (NASDAQ:IDTI) shot up 1.8% during trading on Friday . The company traded as high as $20.39 and last traded at $20.38, with a volume of 1,439,405 shares changing hands. The stock had previously closed at $20.01.
A number of research firms have commented on IDTI. Dougherty & Co reduced their target price on Integrated Device Technology from $28.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, August 2nd. Bank of America Corp. raised Integrated Device Technology from a “neutral” rating to a “buy” rating and set a $26.00 target price for the company in a report on Thursday, May 26th. Wedbush reissued an “outperform” rating and issued a $27.00 target price (down previously from $28.00) on shares of Integrated Device Technology in a report on Thursday, June 9th. Charter Equity downgraded Integrated Device Technology from a “buy” rating to a “mkt perform” rating in a report on Tuesday, August 2nd. Finally, Vetr downgraded Integrated Device Technology from a “strong-buy” rating to a “buy” rating and set a $26.00 target price for the company. in a report on Monday, May 30th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $26.36.
The company has a market capitalization of $2.74 billion and a PE ratio of 16.55. The company has a 50 day moving average price of $20.45 and a 200-day moving average price of $20.47.
Integrated Device Technology (NASDAQ:IDTI) last announced its earnings results on Monday, August 1st. The company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. The company had revenue of $192.10 million for the quarter, compared to analysts’ expectations of $191.06 million. During the same period in the prior year, the company earned $0.31 earnings per share. The company’s revenue for the quarter was up 19.4% on a year-over-year basis. On average, equities analysts expect that Integrated Device Technology Inc. will post $1.41 earnings per share for the current year.
In related news, Director Norman P. Taffe sold 10,000 shares of the company’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $22.33, for a total transaction of $223,300.00. Following the transaction, the director now directly owns 34,601 shares of the company’s stock, valued at $772,640.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Xianzhi Sean Fan sold 49,584 shares of the company’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $23.59, for a total value of $1,169,686.56. Following the transaction, the vice president now directly owns 116,184 shares in the company, valued at $2,740,780.56. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have bought and sold shares of the company. Royce & Associates LLC raised its position in Integrated Device Technology by 254.0% in the fourth quarter. Royce & Associates LLC now owns 177,000 shares of the company’s stock valued at $4,664,000 after buying an additional 127,000 shares during the last quarter. Suntrust Banks Inc. acquired a new position in Integrated Device Technology during the fourth quarter valued at $1,617,000. US Bancorp DE raised its position in Integrated Device Technology by 0.3% in the fourth quarter. US Bancorp DE now owns 45,466 shares of the company’s stock valued at $1,198,000 after buying an additional 114 shares during the last quarter. Redwood Investments LLC raised its position in Integrated Device Technology by 38.9% in the fourth quarter. Redwood Investments LLC now owns 101,628 shares of the company’s stock valued at $2,678,000 after buying an additional 28,441 shares during the last quarter. Finally, Calvert Investment Management Inc. acquired a new position in Integrated Device Technology during the fourth quarter valued at $2,440,000.
Integrated Device Technology, Inc develops system-level solutions that optimize its customers’ applications. The Company operates through two segments: the Communications, and the Computing, Consumer and Industrial. It offers products in radio frequency (RF), timing, wireless power transfer, serial switching, interfaces and sensing solutions.
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