Integrated Device Technology Inc. (IDTI) Cut to “Hold” at Zacks Investment Research
Integrated Device Technology Inc. (NASDAQ:IDTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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 equities research analysts have also issued reports on IDTI. Vetr raised shares of Integrated Device Technology from a “buy” rating to a “strong-buy” rating and set a $26.00 price target on the stock in a report on Wednesday, June 15th. Charter Equity lowered shares of Integrated Device Technology from a “buy” rating to a “mkt perform” rating in a report on Tuesday, August 2nd. Dougherty & Co decreased their price target on shares of Integrated Device Technology from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target (down from $27.00) on shares of Integrated Device Technology in a report on Tuesday, August 2nd. Finally, Craig Hallum decreased their price target on shares of 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 equities research analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $26.07.
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Integrated Device Technology (NASDAQ:IDTI) traded down 3.90% during midday trading on Wednesday, reaching $20.23. 4,138,494 shares of the company’s stock traded hands. Integrated Device Technology has a 1-year low of $16.22 and a 1-year high of $29.04. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 16.41 and a beta of 2.02. The stock’s 50 day moving average price is $21.26 and its 200 day moving average price is $20.98.
Integrated Device Technology (NASDAQ:IDTI) last released its earnings results on Monday, August 1st. The company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. The firm had revenue of $192.10 million for the quarter, compared to analyst estimates of $191.06 million. Integrated Device Technology had a net margin of 24.36% and a return on equity of 25.27%. The business’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. Equities research analysts anticipate 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 business’s stock in a transaction on Thursday, August 18th. The shares were 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 owns 144,260 shares in the company, valued at approximately $2,844,807.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.38% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Huntington Asset Advisors Inc. purchased a new stake in Integrated Device Technology during the first quarter valued at about $102,000. Advisor Group Inc. purchased a new stake in Integrated Device Technology during the second quarter valued at about $114,000. First Interstate Bank raised its stake in Integrated Device Technology by 0.7% in the second quarter. First Interstate Bank now owns 7,097 shares of the company’s stock valued at $143,000 after buying an additional 48 shares during the last quarter. LS Investment Advisors LLC raised its stake in Integrated Device Technology by 72.7% in the second quarter. LS Investment Advisors LLC now owns 8,151 shares of the company’s stock valued at $164,000 after buying an additional 3,432 shares during the last quarter. Finally, Cantab Capital Partners LLP purchased a new stake in Integrated Device Technology during the second quarter valued at about $166,000. 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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