Integrated Device Technology Inc. (IDTI) Rating Lowered 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 note issued to investors 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 have also recently weighed in on IDTI. Dougherty & Co cut their price objective on Integrated Device Technology from $28.00 to $26.00 and set a “buy” rating on the stock 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 research 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 research report on Tuesday, August 2nd. Barclays PLC cut their price objective on Integrated Device Technology from $21.00 to $19.00 and set an “underweight” rating on the stock in a research 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 on the stock in a research report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Integrated Device Technology has an average rating of “Buy” and a consensus price target of $26.07.
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Integrated Device Technology (NASDAQ:IDTI) traded down 3.90% during mid-day trading on Wednesday, reaching $20.23. The company had a trading volume of 4,138,494 shares. The stock has a 50 day moving average price of $21.26 and a 200-day moving average price of $20.98. The stock has a market capitalization of $2.72 billion, a P/E ratio of 16.41 and a beta of 2.02. Integrated Device Technology has a 12-month low of $16.22 and a 12-month high of $29.04.
Integrated Device Technology (NASDAQ:IDTI) last posted its quarterly earnings data 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 had revenue of $192.10 million for the quarter, compared to analysts’ expectations of $191.06 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The business’s revenue was up 19.4% on a year-over-year basis. Equities analysts anticipate 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 company’s stock in a transaction dated 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 transaction, the vice president now directly owns 144,260 shares in the company, valued at approximately $2,844,807.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.38% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in the company. Invictus RG acquired a new position in shares of Integrated Device Technology during the first quarter worth $293,000. Renaissance Technologies LLC raised its position 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 in the last quarter. Kennedy Capital Management Inc. acquired a new position in shares of Integrated Device Technology during the first quarter worth $4,090,000. Geode Capital Management LLC raised its position 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 in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Integrated Device Technology during the first quarter worth $1,529,000. 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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