Zacks Investment Research Lowers Integrated Device Technology Inc. (IDTI) to Hold
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. “
IDTI has been the subject of a number of other research reports. Brean Capital restated a buy rating and issued a $23.00 price target (down previously from $26.00) on shares of Integrated Device Technology in a research report on Wednesday, August 3rd. Roth Capital initiated coverage on Integrated Device Technology in a research report on Wednesday, September 28th. They issued a buy rating and a $26.00 price target for the company. Needham & Company LLC restated a buy rating and issued a $25.00 price target on shares of Integrated Device Technology in a research report on Friday, September 16th. Craig Hallum reduced their price target on Integrated Device Technology from $27.00 to $25.00 and set a buy rating for the company in a research report on Tuesday, August 2nd. Finally, Dougherty & Co reduced their price target on 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. One analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have given 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 target price of $26.07.
Shares of Integrated Device Technology (NASDAQ:IDTI) opened at 19.79 on Wednesday. The company has a 50-day moving average price of $21.24 and a 200-day moving average price of $20.97. Integrated Device Technology has a 52-week low of $16.22 and a 52-week high of $29.04. The company has a market cap of $2.66 billion, a P/E ratio of 16.05 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 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The company had revenue of $192.10 million for the quarter, compared to the consensus estimate of $191.06 million. During the same quarter in the prior year, the company earned $0.31 earnings per share. Integrated Device Technology’s revenue was up 19.4% on a year-over-year basis. On average, equities analysts predict that Integrated Device Technology will post $1.41 EPS for the current year.
In other Integrated Device Technology news, VP Mario Montana sold 217,254 shares of the firm’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 in the company, valued at approximately $2,844,807.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.38% of the company’s stock.
Several large investors have recently bought and sold shares of IDTI. 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. Renaissance Technologies LLC raised its stake in Integrated Device Technology by 16.6% in the first quarter. Renaissance Technologies LLC now owns 2,845,753 shares of the company’s stock valued at $58,167,000 after buying an additional 404,100 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in Integrated Device Technology by 3.9% in the second quarter. State of New Jersey Common Pension Fund D now owns 2,665,000 shares of the company’s stock valued at $53,646,000 after buying an additional 100,000 shares during the last quarter. Baird Financial Group Inc. raised its stake in Integrated Device Technology by 19.3% in the second quarter. Baird Financial Group Inc. now owns 1,954,716 shares of the company’s stock valued at $39,348,000 after buying an additional 316,421 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its stake in Integrated Device Technology by 14.3% in the second quarter. Glenmede Trust Co. NA now owns 1,685,203 shares of the company’s stock valued at $33,921,000 after buying an additional 211,022 shares during the last quarter. 89.14% of the stock is owned by institutional investors and hedge funds.
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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