Zacks Investment Research upgraded shares of Integrated Device Technology (NASDAQ:IDTI) from a hold rating to a buy rating in a research report report published on Saturday. The firm currently has $36.00 price target on the semiconductor company’s stock.
According to Zacks, “Integrated Device Technology’s top-line growth continues to gain from strength across all its end-markets. Moreover, the company’s expanding product portfolio is a key catalyst. Additionally, it will continue to benefit from the robust performance of new sensor family, analog/mixed signal product family, advanced timing and memory interface products. Further, growing market for wireless power products remains a tailwind. IDT also remains confident on strong returns from its flagship memory interface business. Notably, shares of the company have outperformed the industry it belongs to over a year. However, increasing competition in the industry remains a risk. Also, foreign exchange fluctuations remain headwinds.”
IDTI has been the topic of several other reports. Bank of America upgraded shares of Integrated Device Technology from an underperform rating to a neutral rating and set a $30.00 target price on the stock in a report on Tuesday, May 1st. BidaskClub upgraded shares of Integrated Device Technology from a buy rating to a strong-buy rating in a report on Wednesday, March 21st. Cowen set a $37.00 target price on shares of Integrated Device Technology and gave the stock a buy rating in a report on Tuesday, June 12th. JPMorgan Chase & Co. dropped their target price on shares of Integrated Device Technology from $38.00 to $37.00 and set an overweight rating on the stock in a report on Tuesday, May 1st. Finally, ValuEngine cut shares of Integrated Device Technology from a buy rating to a hold rating in a report on Wednesday, May 2nd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $35.83.
Shares of Integrated Device Technology stock opened at $31.88 on Friday. The company has a current ratio of 4.83, a quick ratio of 4.23 and a debt-to-equity ratio of 0.76. Integrated Device Technology has a 1 year low of $23.07 and a 1 year high of $35.40. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 25.10, a price-to-earnings-growth ratio of 2.06 and a beta of 1.86.
Integrated Device Technology (NASDAQ:IDTI) last issued its earnings results on Monday, April 30th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.02. Integrated Device Technology had a negative net margin of 1.44% and a positive return on equity of 23.10%. The company had revenue of $224.60 million for the quarter, compared to analysts’ expectations of $222.20 million. During the same period in the prior year, the business earned $0.35 EPS. The firm’s quarterly revenue was up 27.8% on a year-over-year basis. equities research analysts forecast that Integrated Device Technology will post 1.43 earnings per share for the current fiscal year.
In related news, CEO Gregory L. Waters sold 43,699 shares of Integrated Device Technology stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $30.80, for a total value of $1,345,929.20. Following the completion of the sale, the chief executive officer now directly owns 806,420 shares in the company, valued at approximately $24,837,736. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Xianzhi Sean Fan sold 2,650 shares of Integrated Device Technology stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $34.59, for a total transaction of $91,663.50. The disclosure for this sale can be found here. Insiders sold a total of 175,670 shares of company stock worth $5,577,298 over the last 90 days. Company insiders own 1.24% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Schroder Investment Management Group boosted its stake in Integrated Device Technology by 19.6% in the 1st quarter. Schroder Investment Management Group now owns 2,733,203 shares of the semiconductor company’s stock worth $83,527,000 after purchasing an additional 447,536 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Integrated Device Technology by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,486,165 shares of the semiconductor company’s stock worth $75,977,000 after purchasing an additional 21,864 shares in the last quarter. Segall Bryant & Hamill LLC boosted its stake in Integrated Device Technology by 1.5% in the 4th quarter. Segall Bryant & Hamill LLC now owns 2,022,314 shares of the semiconductor company’s stock worth $60,123,000 after purchasing an additional 30,489 shares in the last quarter. Trigran Investments Inc. boosted its stake in Integrated Device Technology by 19.5% in the 1st quarter. Trigran Investments Inc. now owns 1,824,673 shares of the semiconductor company’s stock worth $55,762,000 after purchasing an additional 297,888 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Integrated Device Technology by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,171,458 shares of the semiconductor company’s stock worth $34,827,000 after purchasing an additional 5,727 shares in the last quarter. Institutional investors own 98.97% of the company’s stock.
Integrated Device Technology Company Profile
Integrated Device Technology, Inc designs, develops, manufactures, and markets a range of semiconductor solutions for the communications, computing, consumer, automotive, industrial, and Internet-of-things end-markets. It operates in two segments, Communications; and Computing, Consumer, and Industrial.
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