Integrated Device Technology Inc. (IDTI) Rating Increased 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.
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. “
Several other research analysts also recently weighed in on the company. Charter Equity downgraded Integrated Device Technology from a “buy” rating to a “mkt perform” rating in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. assumed coverage on Integrated Device Technology in a report on Thursday, August 18th. They set an “overweight” rating and a $26.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and set a $27.00 price objective (down from $28.00) on shares of Integrated Device Technology in a report on Thursday, June 9th. Roth Capital assumed coverage on Integrated Device Technology in a report on Wednesday, September 28th. They set a “buy” rating and a $26.00 price objective on the stock. Finally, Craig Hallum decreased their price objective on Integrated Device Technology from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $26.33.
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Integrated Device Technology (NASDAQ:IDTI) traded down 1.17% during mid-day trading on Wednesday, reaching $22.75. 2,398,867 shares of the company traded hands. Integrated Device Technology has a 12-month low of $16.22 and a 12-month high of $29.04. The company’s 50 day moving average price is $21.18 and its 200 day moving average price is $20.95. The firm has a market capitalization of $3.06 billion, a P/E ratio of 18.45 and a beta of 2.02.
Integrated Device Technology (NASDAQ:IDTI) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.36 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The business earned $192.10 million during the quarter, compared to the consensus estimate of $191.06 million. During the same period in the prior year, the company posted $0.31 EPS. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. Equities research analysts predict that Integrated Device Technology will post $1.41 EPS for the current year.
In other Integrated Device Technology news, VP Mario Montana sold 217,254 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $19.72, for a total value of $4,284,248.88. Following the sale, the vice president now owns 144,260 shares in the company, valued at $2,844,807.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.38% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. First Interstate Bank increased its position in Integrated Device Technology by 0.7% in the second quarter. First Interstate Bank now owns 7,097 shares of the company’s stock worth $143,000 after buying an additional 48 shares during the last quarter. LaSalle Street Capital Management LLC increased its position in Integrated Device Technology by 2.1% in the second quarter. LaSalle Street Capital Management LLC now owns 13,854 shares of the company’s stock worth $279,000 after buying an additional 290 shares during the last quarter. Calvert Investment Management Inc. increased its position in Integrated Device Technology by 0.4% in the second quarter. Calvert Investment Management Inc. now owns 126,611 shares of the company’s stock worth $2,549,000 after buying an additional 562 shares during the last quarter. Oakbrook Investments LLC increased its position in Integrated Device Technology by 5.8% in the second quarter. Oakbrook Investments LLC now owns 10,890 shares of the company’s stock worth $219,000 after buying an additional 600 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its position in Integrated Device Technology by 5.7% in the second quarter. Teacher Retirement System of Texas now owns 18,958 shares of the company’s stock worth $382,000 after buying an additional 1,020 shares during the last quarter. Institutional investors and hedge funds 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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