Integrated Device Technology Inc. (NASDAQ:IDTI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $24.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 18.64% from the company’s previous close.
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. “
Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. assumed coverage on shares of Integrated Device Technology in a research note on Thursday, August 18th. They issued an “overweight” rating and a $26.00 price objective for the company. Charter Equity cut shares of Integrated Device Technology from a “buy” rating to a “mkt perform” rating in a research note on Tuesday, August 2nd. Brean Capital reaffirmed a “buy” rating and set a $23.00 target price (down from $26.00) on shares of Integrated Device Technology in a research note on Wednesday, August 3rd. Vetr raised shares of Integrated Device Technology from a “buy” rating to a “strong-buy” rating and set a $26.00 target price for the company in a research note on Wednesday, June 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price (down from $27.00) on shares of Integrated Device Technology in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given 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 $26.07.
Integrated Device Technology (NASDAQ:IDTI) opened at 20.23 on Tuesday. The stock has a market cap of $2.72 billion, a PE ratio of 16.41 and a beta of 2.02. The firm has a 50 day moving average of $21.26 and a 200-day moving average of $20.98. Integrated Device Technology has a 52-week low of $16.22 and a 52-week high of $29.04.
Integrated Device Technology (NASDAQ:IDTI) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.36 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.36. The firm earned $192.10 million during the quarter, compared to analysts’ expectations of $191.06 million. Integrated Device Technology had a net margin of 24.36% and a return on equity of 25.27%. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.31 earnings per share. Equities analysts anticipate that Integrated Device Technology will post $1.41 earnings per share for the current fiscal year.
In other news, VP Mario Montana sold 217,254 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $19.72, for a total value of $4,284,248.88. Following the completion of the sale, 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 available through this hyperlink. 1.38% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Invictus RG bought a new stake in shares of Integrated Device Technology during the first quarter worth $293,000. Renaissance Technologies LLC raised its stake in shares of Integrated Device Technology by 16.6% in the first quarter. Renaissance Technologies LLC now owns 2,845,753 shares of the company’s stock worth $58,167,000 after buying an additional 404,100 shares during the last quarter. Kennedy Capital Management Inc. bought a new stake in shares of Integrated Device Technology during the first quarter worth $4,090,000. Geode Capital Management LLC raised its stake in shares of Integrated Device Technology by 3.5% in the first quarter. Geode Capital Management LLC now owns 1,225,379 shares of the company’s stock worth $25,046,000 after buying an additional 41,360 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Integrated Device Technology during the first quarter worth $1,529,000. Hedge funds and other institutional investors own 89.96% 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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