BidaskClub Lowers Integrated Device Technology, Inc. (IDTI) to Buy

BidaskClub lowered shares of Integrated Device Technology, Inc. (NASDAQ:IDTI) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC restated a buy rating and set a $28.00 price objective on shares of Integrated Device Technology in a report on Tuesday, April 18th. Longbow Research initiated coverage on Integrated Device Technology in a report on Friday, June 9th. They set a buy rating and a $31.00 price objective for the company. Zacks Investment Research upgraded Integrated Device Technology from a sell rating to a hold rating in a report on Wednesday, May 3rd. Bank of America Corporation cut Integrated Device Technology from a buy rating to a neutral rating in a report on Thursday, February 16th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on Integrated Device Technology in a report on Monday, April 17th. They set a neutral rating and a $24.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $26.77.

Integrated Device Technology (IDTI) opened at 25.51 on Thursday. The company has a market cap of $3.39 billion, a P/E ratio of 31.93 and a beta of 1.93. Integrated Device Technology has a one year low of $18.49 and a one year high of $26.66. The company’s 50 day moving average price is $24.47 and its 200-day moving average price is $24.35.

Integrated Device Technology (NASDAQ:IDTI) last posted its quarterly earnings data on Monday, May 1st. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Integrated Device Technology had a return on equity of 21.80% and a net margin of 15.17%. The company had revenue of $175.70 million during the quarter, compared to analysts’ expectations of $175.05 million. During the same quarter in the previous year, the business earned $0.36 EPS. Integrated Device Technology’s revenue was down 7.2% compared to the same quarter last year. On average, analysts forecast that Integrated Device Technology will post $1.50 EPS for the current fiscal year.

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In other Integrated Device Technology news, SVP Sailesh Chittipeddi sold 2,834 shares of Integrated Device Technology stock in a transaction on Monday, April 17th. The stock was sold at an average price of $23.21, for a total transaction of $65,777.14. Following the completion of the sale, the senior vice president now directly owns 172,633 shares of the company’s stock, valued at approximately $4,006,811.93. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mario Montana sold 4,305 shares of Integrated Device Technology stock in a transaction on Monday, May 15th. The shares were sold at an average price of $24.04, for a total value of $103,492.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 291,850 shares of company stock valued at $7,155,023. 1.38% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Israel Discount Bank of New York bought a new position in Integrated Device Technology during the first quarter valued at approximately $103,000. Elkfork Partners LLC bought a new position in Integrated Device Technology during the fourth quarter valued at approximately $103,000. TrimTabs Asset Management LLC raised its position in Integrated Device Technology by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 4,745 shares of the semiconductor company’s stock valued at $112,000 after buying an additional 2,232 shares during the last quarter. Meadow Creek Investment Management LLC raised its position in Integrated Device Technology by 22.2% in the first quarter. Meadow Creek Investment Management LLC now owns 6,776 shares of the semiconductor company’s stock valued at $160,000 after buying an additional 1,232 shares during the last quarter. Finally, Glen Harbor Capital Management LLC raised its position in Integrated Device Technology by 22.2% in the first quarter. Glen Harbor Capital Management LLC now owns 8,228 shares of the semiconductor company’s stock valued at $195,000 after buying an additional 1,496 shares during the last quarter. 94.95% of the stock is owned by hedge funds and other institutional investors.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:IDTI”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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