Integrated Device Technology Inc. (IDTI) Raised to Hold at Zacks Investment Research
According to Zacks, “Integrated Device Technology, Inc. designs, develops, manufactures and markets a broad range of high-performance semiconductor products and modules. Applications for the company’s products include data and telecommunications equipment, such as routers, hubs, switches, cellular base stations and other devices; personal computers; and networked peripherals and servers, such as RAID arrays, servers, and printers. “
A number of other equities research analysts have also recently commented on the company. Charter Equity cut Integrated Device Technology from a buy rating to a mkt perform rating in a research report on Tuesday, August 2nd. JPMorgan Chase & Co. initiated coverage on Integrated Device Technology in a research report on Thursday, August 18th. They set an overweight rating and a $26.00 target price on the stock. Wedbush reiterated an outperform rating and issued a $27.00 price objective (down from $28.00) on shares of Integrated Device Technology in a report on Thursday, June 9th. Roth Capital initiated coverage on Integrated Device Technology in a report on Wednesday, September 28th. They issued a buy rating and a $26.00 price objective on the stock. Finally, Craig Hallum lowered their price objective on Integrated Device Technology from $27.00 to $25.00 and set a buy rating on the stock in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $26.33.
Integrated Device Technology (NASDAQ:IDTI) opened at 22.75 on Wednesday. Integrated Device Technology has a 1-year low of $16.22 and a 1-year high of $29.04. The stock’s 50 day moving average price is $21.18 and its 200-day moving average price is $20.95. The company has a market cap of $3.06 billion, a PE ratio of 18.45 and a beta of 2.02.
Integrated Device Technology (NASDAQ:IDTI) last posted its earnings results on Monday, August 1st. The company reported $0.36 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.36. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The firm had revenue of $192.10 million for the quarter, compared to analysts’ expectations of $191.06 million. During the same period last year, the firm earned $0.31 EPS. The company’s quarterly revenue was up 19.4% on a year-over-year basis. On average, analysts forecast that Integrated Device Technology will post $1.41 earnings per share for the current year.
In other news, VP Mario Montana sold 217,254 shares of Integrated Device Technology 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 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 filing with the SEC, which can be accessed through this link. Insiders own 1.38% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in IDTI. Norges Bank purchased a new stake in Integrated Device Technology during the fourth quarter valued at approximately $33,872,000. Aperio Group LLC raised its stake in Integrated Device Technology by 39.1% in the first quarter. Aperio Group LLC now owns 27,763 shares of the company’s stock valued at $567,000 after buying an additional 7,807 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in Integrated Device Technology by 30.0% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 99,985 shares of the company’s stock valued at $2,044,000 after buying an additional 23,090 shares during the last quarter. Acrospire Investment Management LLC purchased a new stake in Integrated Device Technology during the first quarter valued at approximately $272,000. Finally, Royce & Associates LP raised its stake in Integrated Device Technology by 118.1% in the first quarter. Royce & Associates LP now owns 386,100 shares of the company’s stock valued at $7,892,000 after buying an additional 209,100 shares during the last quarter. 89.96% of the stock is currently owned by hedge funds and other 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Integrated Device Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Integrated Device Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.