Integrated Device Technology, Inc. (NASDAQ:IDTI) Raised to Hold at Zacks Investment Research

Integrated Device Technology, Inc. (NASDAQ:IDTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, October 18th.

According to Zacks, “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. It offers a range of mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments. These products are used for development in areas, such as fourth generation (4G) infrastructure, network communications, cloud datacenters and power management for computing and mobile devices. It offers solutions in designing communications, computing, consumer, automotive and industrial applications. It markets its products to original equipment manufacturers (OEMs) through a range of channels, including direct sales, distributors and electronic manufacturing suppliers (EMSs). “

A number of other equities research analysts have also recently commented on the stock. KeyCorp reiterated a “buy” rating and issued a $30.00 target price on shares of Integrated Device Technology in a research report on Friday, September 1st. Susquehanna Bancshares Inc upped their price objective on shares of Integrated Device Technology from $30.00 to $33.00 and gave the company a “positive” rating in a report on Wednesday, June 28th. Barclays PLC reaffirmed an “underweight” rating on shares of Integrated Device Technology in a research note on Friday, July 21st. Pacific Crest reaffirmed an “overweight” rating and set a $30.00 target price on shares of Integrated Device Technology in a research note on Wednesday, June 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Integrated Device Technology in a research note on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Integrated Device Technology currently has an average rating of “Hold” and an average target price of $28.55.

Shares of Integrated Device Technology (NASDAQ IDTI) opened at 28.18 on Wednesday. The company has a 50 day moving average of $27.04 and a 200-day moving average of $25.28. Integrated Device Technology has a 12-month low of $20.50 and a 12-month high of $28.74. The company has a market cap of $3.76 billion, a PE ratio of 36.60 and a beta of 1.98.

Integrated Device Technology (NASDAQ:IDTI) last posted its earnings results on Monday, July 31st. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.07). The firm had revenue of $196.71 million during the quarter, compared to analyst estimates of $195.10 million. Integrated Device Technology had a net margin of 14.50% and a return on equity of 20.34%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that Integrated Device Technology will post $1.49 earnings per share for the current year.

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In other news, VP Mario Montana sold 20,374 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.43, for a total transaction of $497,736.82. Following the transaction, the vice president now directly owns 67,443 shares in the company, valued at $1,647,632.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director S Kenneth Kannappan bought 2,000 shares of the stock in a transaction dated Thursday, August 3rd. The shares were acquired at an average price of $24.32 per share, for a total transaction of $48,640.00. Following the completion of the transaction, the director now owns 18,637 shares of the company’s stock, valued at approximately $453,251.84. The disclosure for this purchase can be found here. 1.24% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Greenwood Capital Associates LLC grew its position in shares of Integrated Device Technology by 1.3% during the second quarter. Greenwood Capital Associates LLC now owns 18,604 shares of the semiconductor company’s stock worth $480,000 after acquiring an additional 234 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Integrated Device Technology by 5.1% during the second quarter. Alliancebernstein L.P. now owns 3,252,085 shares of the semiconductor company’s stock worth $83,871,000 after acquiring an additional 158,917 shares during the last quarter. Northern Trust Corp grew its position in Integrated Device Technology by 1.7% in the 2nd quarter. Northern Trust Corp now owns 2,259,492 shares of the semiconductor company’s stock valued at $58,272,000 after buying an additional 37,579 shares during the last quarter. Legal & General Group Plc grew its position in Integrated Device Technology by 23.6% in the 1st quarter. Legal & General Group Plc now owns 85,591 shares of the semiconductor company’s stock valued at $2,026,000 after buying an additional 16,315 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in Integrated Device Technology by 5.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,207 shares of the semiconductor company’s stock valued at $218,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 96.36% of the company’s stock.

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.

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Analyst Recommendations for Integrated Device Technology (NASDAQ:IDTI)

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