Integrated Device Technology Inc. (IDTI) Upgraded to “Buy” by Zacks Investment Research
Integrated Device Technology Inc. (NASDAQ:IDTI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $24.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 14.01% from the company’s current price.
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. “
Several other equities analysts have also recently commented on the company. Roth Capital assumed coverage on Integrated Device Technology in a research report on Wednesday, September 28th. They set a “buy” rating and a $26.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Integrated Device Technology in a research report on Friday, September 16th. JPMorgan Chase & Co. assumed coverage on Integrated Device Technology in a research report on Thursday, August 18th. They set an “overweight” rating and a $26.00 target price for the company. Brean Capital restated a “buy” rating and set a $23.00 target price (down from $26.00) on shares of Integrated Device Technology in a research report on Wednesday, August 3rd. Finally, Barclays PLC reduced their target price on Integrated Device Technology from $21.00 to $19.00 and set an “underweight” rating for the company in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $26.07.
Integrated Device Technology (NASDAQ:IDTI) traded down 4.54% on Tuesday, reaching $21.05. The company’s stock had a trading volume of 5,250,860 shares. The firm has a 50 day moving average of $21.26 and a 200 day moving average of $20.98. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 17.07 and a beta of 2.02. Integrated Device Technology has a 12 month low of $16.22 and a 12 month high of $29.04.
Integrated Device Technology (NASDAQ:IDTI) last posted its earnings results on Monday, August 1st. The company reported $0.36 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The business earned $192.10 million during the quarter, compared to analysts’ expectations of $191.06 million. During the same period in the previous year, the business earned $0.31 earnings per share. The firm’s revenue was up 19.4% on a year-over-year basis. Analysts anticipate that Integrated Device Technology will post $1.41 earnings per share for the current year.
In other Integrated Device Technology news, VP Mario Montana sold 217,254 shares of the company’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 completion of the transaction, 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 Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.38% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Huntington Asset Advisors Inc. acquired a new position in Integrated Device Technology during the first quarter worth approximately $102,000. Advisor Group Inc. acquired a new position in Integrated Device Technology during the second quarter worth approximately $114,000. First Interstate Bank raised its position in Integrated Device Technology by 0.7% in the second quarter. First Interstate Bank now owns 7,097 shares of the company’s stock worth $143,000 after buying an additional 48 shares during the last quarter. LS Investment Advisors LLC raised its position in Integrated Device Technology by 72.7% in the second quarter. LS Investment Advisors LLC now owns 8,151 shares of the company’s stock worth $164,000 after buying an additional 3,432 shares during the last quarter. Finally, Cantab Capital Partners LLP acquired a new position in Integrated Device Technology during the second quarter worth approximately $166,000. 89.96% of the stock is owned by institutional investors and hedge funds.
Integrated Device Technology Company Profile
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.