Integrated Device Technology’s (IDTI) Buy Rating Reiterated at Needham & Company LLC
Needham & Company LLC reissued their buy rating on shares of Integrated Device Technology Inc. (NASDAQ:IDTI) in a report released on Friday morning. They currently have a $25.00 target price on the stock.
IDTI has been the subject of a number of other research reports. Dougherty & Co dropped their target price on shares of 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 shares of 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 cut shares of Integrated Device Technology from a buy rating to a mkt perform rating in a report on Tuesday, August 2nd. Finally, Brean Capital reissued a buy rating and issued a $23.00 target price (down previously from $26.00) on shares of Integrated Device Technology in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $26.36.
Integrated Device Technology (NASDAQ:IDTI) opened at 20.90 on Friday. The company’s 50-day moving average is $19.96 and its 200-day moving average is $20.74. The firm has a market cap of $2.81 billion, a PE ratio of 16.95 and a beta of 1.99. Integrated Device Technology has a one year low of $16.22 and a one year high of $29.04.
Integrated Device Technology (NASDAQ:IDTI) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.36 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Integrated Device Technology had a net margin of 24.36% and a return on equity of 25.27%. The business earned $192.10 million during the quarter, compared to analysts’ expectations of $191.06 million. During the same quarter in the prior year, the business posted $0.31 earnings per share. Integrated Device Technology’s revenue was up 19.4% compared to the same quarter last year. On average, analysts forecast that Integrated Device Technology will post $1.41 earnings per share for the current fiscal year.
In other Integrated Device Technology news, VP Mario Montana sold 217,254 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $19.72, for a total transaction of $4,284,248.88. Following the completion of the sale, the vice president now owns 144,260 shares of the company’s stock, valued at approximately $2,844,807.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.38% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Huntington Asset Advisors Inc. bought a new stake in shares of Integrated Device Technology during the first quarter valued at approximately $102,000. Advisor Group Inc. bought a new stake in shares of Integrated Device Technology during the second quarter valued at approximately $114,000. First Interstate Bank increased its stake in shares of Integrated Device Technology by 0.7% in the second quarter. First Interstate Bank now owns 7,097 shares of the company’s stock valued at $143,000 after buying an additional 48 shares during the period. LS Investment Advisors LLC increased its stake in shares of Integrated Device Technology by 72.7% in the second quarter. LS Investment Advisors LLC now owns 8,151 shares of the company’s stock valued at $164,000 after buying an additional 3,432 shares during the period. Finally, Cantab Capital Partners LLP bought a new stake in shares of Integrated Device Technology during the second quarter valued at approximately $166,000. 89.96% of the stock is owned by institutional investors.
About Integrated Device Technology
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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