Integrated Device Technology Inc. (IDTI) Trading 1.8% Higher
Integrated Device Technology Inc. (NASDAQ:IDTI) traded up 1.8% during mid-day trading on Friday . The stock traded as high as $20.39 and last traded at $20.38, with a volume of 1,439,405 shares traded. The stock had previously closed at $20.01.
Several equities research analysts have recently issued reports on the stock. Dougherty & Co lowered their price objective on shares of Integrated Device Technology from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, August 2nd. Bank of America Corp. raised shares of Integrated Device Technology from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Thursday, May 26th. Wedbush reissued an “outperform” rating and set a $27.00 price objective (down previously from $28.00) on shares of Integrated Device Technology in a research report on Thursday, June 9th. Charter Equity downgraded shares of Integrated Device Technology from a “buy” rating to a “mkt perform” rating in a research report on Tuesday, August 2nd. Finally, Vetr downgraded shares of Integrated Device Technology from a “strong-buy” rating to a “buy” rating and set a $26.00 price objective for the company. in a research report on Monday, May 30th. Two research analysts have rated the stock with a sell rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $26.36.
The stock has a market capitalization of $2.74 billion and a P/E ratio of 16.55. The company’s 50-day moving average price is $20.46 and its 200 day moving average price is $20.43.
Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.36 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.36. The firm earned $192.10 million during the quarter, compared to analyst estimates of $191.06 million. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 EPS. On average, 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 business’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $22.33, for a total transaction of $223,300.00. Following the transaction, the director now owns 34,601 shares in the company, valued at approximately $772,640.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Xianzhi Sean Fan sold 49,584 shares of the business’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $23.59, for a total transaction of $1,169,686.56. Following the transaction, the vice president now owns 116,184 shares in the company, valued at approximately $2,740,780.56. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently added to or reduced their stakes in IDTI. Redwood Investments LLC increased 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 worth $2,678,000 after buying an additional 28,441 shares during the last quarter. Calvert Investment Management Inc. bought a new position in Integrated Device Technology during the fourth quarter worth about $2,440,000. Suntrust Banks Inc. bought a new position in Integrated Device Technology during the fourth quarter worth about $1,617,000. Finally, US Bancorp DE increased 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 worth $1,198,000 after buying an additional 114 shares during the last quarter.
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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