Millennium Management LLC grew its holdings in Integrated Device Technology Inc (NASDAQ:IDTI) by 1,016.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 372,900 shares of the semiconductor company’s stock after purchasing an additional 339,512 shares during the quarter. Millennium Management LLC’s holdings in Integrated Device Technology were worth $11,086,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of IDTI. Thompson Davis & CO. Inc. lifted its stake in shares of Integrated Device Technology by 285.7% during the fourth quarter. Thompson Davis & CO. Inc. now owns 6,750 shares of the semiconductor company’s stock valued at $201,000 after acquiring an additional 5,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Integrated Device Technology by 47.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,623 shares of the semiconductor company’s stock valued at $227,000 after acquiring an additional 2,441 shares during the period. Systematic Financial Management LP acquired a new position in shares of Integrated Device Technology during the fourth quarter valued at $296,000. Engineers Gate Manager LP acquired a new position in shares of Integrated Device Technology during the fourth quarter valued at $360,000. Finally, Virtu Financial LLC acquired a new position in shares of Integrated Device Technology during the fourth quarter valued at $370,000. 97.15% of the stock is currently owned by institutional investors and hedge funds.
In other Integrated Device Technology news, SVP Brian C. White sold 15,583 shares of the stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $33.00, for a total value of $514,239.00. Following the completion of the sale, the senior vice president now directly owns 123,558 shares in the company, valued at $4,077,414. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Brian C. White sold 23,297 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $34.00, for a total value of $792,098.00. Following the completion of the sale, the senior vice president now owns 131,272 shares of the company’s stock, valued at $4,463,248. The disclosure for this sale can be found here. Insiders sold 150,349 shares of company stock valued at $4,747,248 over the last 90 days. Corporate insiders own 1.24% of the company’s stock.
IDTI has been the topic of several research reports. Zacks Investment Research lowered Integrated Device Technology from a “hold” rating to a “strong sell” rating in a research note on Friday, February 2nd. Barclays upgraded Integrated Device Technology from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $28.00 to $33.00 in a report on Wednesday, January 17th. KeyCorp upped their price objective on Integrated Device Technology from $33.00 to $37.00 and gave the company an “overweight” rating in a report on Tuesday, January 30th. BidaskClub upgraded Integrated Device Technology from a “hold” rating to a “buy” rating in a report on Wednesday, January 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price objective (up previously from $36.00) on shares of Integrated Device Technology in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $33.36.
Shares of Integrated Device Technology stock opened at $29.60 on Friday. Integrated Device Technology Inc has a 1 year low of $22.70 and a 1 year high of $34.13. The stock has a market capitalization of $4,031.00, a price-to-earnings ratio of 25.96, a price-to-earnings-growth ratio of 2.28 and a beta of 1.83. The company has a quick ratio of 5.01, a current ratio of 5.62 and a debt-to-equity ratio of 0.69.
Integrated Device Technology (NASDAQ:IDTI) last announced its quarterly earnings results on Monday, January 29th. The semiconductor company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01. Integrated Device Technology had a positive return on equity of 20.26% and a negative net margin of 0.33%. The company had revenue of $217.10 million during the quarter, compared to the consensus estimate of $215.32 million. During the same period in the prior year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. research analysts predict that Integrated Device Technology Inc will post 1.15 EPS for the current fiscal year.
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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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