Integrated Device Technology, Inc. (NASDAQ:IDTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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 brokerages also recently commented on IDTI. Longbow Research assumed coverage on Integrated Device Technology in a research report on Friday, June 9th. They issued a “buy” rating and a $31.00 price objective for the company. Pacific Crest reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Integrated Device Technology in a research report on Wednesday, June 21st. BidaskClub downgraded Integrated Device Technology from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 15th. Needham & Company LLC lifted their price objective on Integrated Device Technology from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, June 16th. Finally, Susquehanna Bancshares Inc lifted their price objective on Integrated Device Technology from $30.00 to $33.00 and gave the company a “positive” rating in a research report on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $27.38.

Integrated Device Technology (NASDAQ IDTI) traded up 0.04% during trading on Friday, hitting $26.34. The stock had a trading volume of 614,927 shares. Integrated Device Technology has a one year low of $18.49 and a one year high of $26.66. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 32.97 and a beta of 1.98. The stock’s 50-day moving average is $24.87 and its 200 day moving average is $24.43.

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

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In other news, VP Matthew D. Brandalise sold 8,600 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $24.36, for a total value of $209,496.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Sailesh Chittipeddi sold 2,834 shares of the company’s stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $23.21, for a total value 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 disclosure for this sale can be found here. In the last three months, insiders have sold 291,850 shares of company stock valued at $7,155,023. 1.38% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Capstone Asset Management Co. increased its stake in shares of Integrated Device Technology by 0.6% in the second quarter. Capstone Asset Management Co. now owns 16,421 shares of the semiconductor company’s stock valued at $423,000 after buying an additional 100 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Integrated Device Technology by 0.8% in the first quarter. Clearbridge Investments LLC now owns 2,251,871 shares of the semiconductor company’s stock valued at $53,302,000 after buying an additional 17,778 shares during the last quarter. Ranger Investment Management L.P. increased its stake in shares of Integrated Device Technology by 42.3% in the first quarter. Ranger Investment Management L.P. now owns 26,420 shares of the semiconductor company’s stock valued at $625,000 after buying an additional 7,850 shares during the last quarter. Paloma Partners Management Co increased its stake in shares of Integrated Device Technology by 187.1% in the first quarter. Paloma Partners Management Co now owns 61,283 shares of the semiconductor company’s stock valued at $1,451,000 after buying an additional 39,940 shares during the last quarter. Finally, BlueCrest Capital Management Ltd increased its stake in shares of Integrated Device Technology by 2.2% in the first quarter. BlueCrest Capital Management Ltd now owns 38,231 shares of the semiconductor company’s stock valued at $905,000 after buying an additional 831 shares during the last quarter. 94.55% of the stock is owned by 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.

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Analyst Recommendations for Integrated Device Technology (NASDAQ:IDTI)

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