First Trust Advisors LP Has $782,000 Stake in Integrated Device Technology Inc. (IDTI)
First Trust Advisors LP reduced its position in Integrated Device Technology Inc. (NASDAQ:IDTI) by 80.1% during the second quarter, Holdings Channel reports. The fund owned 38,851 shares of the company’s stock after selling 156,603 shares during the period. First Trust Advisors LP’s holdings in Integrated Device Technology were worth $782,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Integrated Device Technology by 16.6% in the first quarter. Renaissance Technologies LLC now owns 2,845,753 shares of the company’s stock worth $58,167,000 after buying an additional 404,100 shares during the last quarter. State Street Corp raised its stake in Integrated Device Technology by 0.5% in the first quarter. State Street Corp now owns 4,765,667 shares of the company’s stock valued at $97,406,000 after buying an additional 22,954 shares during the last quarter. Rice Hall James & Associates LLC raised its stake in Integrated Device Technology by 5.2% in the second quarter. Rice Hall James & Associates LLC now owns 1,265,117 shares of the company’s stock valued at $25,467,000 after buying an additional 62,255 shares during the last quarter. Kennedy Capital Management Inc. bought a new stake in Integrated Device Technology during the first quarter valued at about $4,090,000. Finally, Stoneridge Investment Partners LLC bought a new stake in Integrated Device Technology during the second quarter valued at about $1,194,000. Institutional investors and hedge funds own 89.96% of the company’s stock.
Shares of Integrated Device Technology Inc. (NASDAQ:IDTI) traded down 1.17% during mid-day trading on Friday, reaching $22.75. The company’s stock had a trading volume of 2,398,867 shares. Integrated Device Technology Inc. has a one year low of $16.22 and a one year high of $29.04. The stock has a 50 day moving average of $21.18 and a 200-day moving average of $20.95. The stock has a market cap of $3.06 billion, a P/E ratio of 18.45 and a beta of 2.02.
Integrated Device Technology (NASDAQ:IDTI) last issued its earnings results on Monday, August 1st. The company reported $0.36 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. The business had revenue of $192.10 million for the quarter, compared to analysts’ expectations of $191.06 million. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The business’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.31 EPS. On average, equities research analysts expect that Integrated Device Technology Inc. will post $1.41 EPS for the current fiscal year.
IDTI has been the subject of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Integrated Device Technology in a research note on Friday, September 16th. Craig Hallum lowered their price objective on Integrated Device Technology from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, August 2nd. Zacks Investment Research raised Integrated Device Technology from a “sell” rating to a “hold” rating in a research note on Wednesday. Roth Capital initiated coverage on Integrated Device Technology in a research note on Wednesday, September 28th. They issued a “buy” rating and a $26.00 price objective for the company. Finally, JPMorgan Chase & Co. initiated coverage on Integrated Device Technology in a research note on Thursday, August 18th. They issued an “overweight” rating and a $26.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $26.33.
In other news, VP Mario Montana sold 217,254 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $19.72, for a total transaction of $4,284,248.88. Following the transaction, the vice president now directly owns 144,260 shares in the company, valued at approximately $2,844,807.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.38% of the company’s stock.
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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