Integrated Device Technology Inc. (IDTI) Lifted to Buy at Zacks Investment Research
Integrated Device Technology Inc. (NASDAQ:IDTI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $24.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 14.01% from the stock’s current price.
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. “
A number of other analysts have also recently commented on IDTI. Dougherty & Co lowered their price target on Integrated Device Technology from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, August 2nd. Brean Capital reissued a “buy” rating and issued a $23.00 price objective (down previously from $26.00) on shares of Integrated Device Technology in a report on Wednesday, August 3rd. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective (down previously from $27.00) on shares of Integrated Device Technology in a report on Tuesday, August 2nd. Barclays PLC decreased their price objective on Integrated Device Technology from $21.00 to $19.00 and set an “underweight” rating for the company in a report on Tuesday, August 2nd. Finally, Vetr raised Integrated Device Technology from a “buy” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Integrated Device Technology presently has a consensus rating of “Buy” and a consensus price target of $26.07.
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Integrated Device Technology (NASDAQ:IDTI) traded down 4.54% during trading on Tuesday, reaching $21.05. The company’s stock had a trading volume of 5,250,860 shares. The firm has a market capitalization of $2.83 billion, a P/E ratio of 17.07 and a beta of 2.02. The stock has a 50-day moving average of $21.26 and a 200 day moving average of $20.98. Integrated Device Technology has a one year low of $16.22 and a one year high of $29.04.
Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.36 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.36. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The company earned $192.10 million during the quarter, compared to analysts’ expectations of $191.06 million. During the same quarter in the previous year, the firm posted $0.31 EPS. The firm’s revenue was up 19.4% compared to the same quarter last year. On average, equities research analysts predict that Integrated Device Technology will post $1.41 EPS for the current fiscal year.
In other Integrated Device Technology news, VP Mario Montana sold 217,254 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $19.72, for a total transaction of $4,284,248.88. Following the completion of the sale, the vice president now directly owns 144,260 shares in the company, valued at approximately $2,844,807.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.38% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Macquarie Group Ltd. bought a new stake in Integrated Device Technology during the second quarter worth about $4,674,000. Mason Street Advisors LLC bought a new stake in Integrated Device Technology during the second quarter worth about $1,227,000. Royal Bank of Canada raised its stake in Integrated Device Technology by 76.0% in the second quarter. Royal Bank of Canada now owns 545,601 shares of the company’s stock worth $10,982,000 after buying an additional 235,641 shares during the period. Public Employees Retirement System of Ohio raised its stake in Integrated Device Technology by 2,620.1% in the second quarter. Public Employees Retirement System of Ohio now owns 96,073 shares of the company’s stock worth $1,934,000 after buying an additional 92,541 shares during the period. Finally, Calvert Investment Management Inc. raised its stake 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 period. Institutional investors own 89.96% of the company’s stock.
About Integrated Device Technology
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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