Integrated Device Technology, Inc. (IDTI) Receives Consensus Rating of “Buy” from Analysts
Integrated Device Technology, Inc. (NASDAQ:IDTI) has received a consensus rating of “Buy” from the seventeen research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and twelve have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $27.25.
IDTI has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $28.00 target price on shares of Integrated Device Technology in a report on Tuesday, April 18th. Zacks Investment Research raised shares of Integrated Device Technology from a “sell” rating to a “hold” rating in a report on Wednesday, April 5th. Longbow Research initiated coverage on shares of Integrated Device Technology in a report on Friday, June 9th. They set a “buy” rating and a $31.00 target price on the stock. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Integrated Device Technology in a report on Monday, April 17th. They set a “neutral” rating and a $24.00 target price on the stock. Finally, Pacific Crest reissued an “overweight” rating and set a $30.00 target price on shares of Integrated Device Technology in a report on Wednesday, June 21st.
In related news, CEO Gregory L. Waters sold 170,718 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $24.36, for a total value of $4,158,690.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Mario Montana sold 25,314 shares of the stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $25.98, for a total transaction of $657,657.72. Following the completion of the sale, the vice president now directly owns 120,087 shares in the company, valued at approximately $3,119,860.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 289,016 shares of company stock worth $7,089,245. Corporate insiders own 1.38% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in IDTI. US Bancorp DE boosted its stake in Integrated Device Technology by 87.6% in the first quarter. US Bancorp DE now owns 72,206 shares of the semiconductor company’s stock worth $1,708,000 after buying an additional 33,718 shares during the period. State Treasurer State of Michigan raised its position in shares of Integrated Device Technology by 0.4% in the first quarter. State Treasurer State of Michigan now owns 54,220 shares of the semiconductor company’s stock worth $1,283,000 after buying an additional 200 shares in the last quarter. Israel Discount Bank of New York bought a new position in shares of Integrated Device Technology during the first quarter worth about $103,000. Swiss National Bank raised its position in shares of Integrated Device Technology by 1.0% in the first quarter. Swiss National Bank now owns 221,000 shares of the semiconductor company’s stock worth $5,231,000 after buying an additional 2,100 shares in the last quarter. Finally, Suffolk Capital Management LLC raised its position in shares of Integrated Device Technology by 76.6% in the first quarter. Suffolk Capital Management LLC now owns 67,661 shares of the semiconductor company’s stock worth $1,602,000 after buying an additional 29,342 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.
Integrated Device Technology (NASDAQ IDTI) opened at 26.34 on Monday. The stock has a market capitalization of $3.50 billion, a P/E ratio of 32.97 and a beta of 1.98. Integrated Device Technology has a 12 month low of $18.49 and a 12 month high of $26.66. The firm’s 50-day moving average is $24.87 and its 200 day moving average is $24.43.
Integrated Device Technology (NASDAQ:IDTI) last issued its earnings results on Monday, May 1st. The semiconductor company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $175.70 million for the quarter, compared to analysts’ expectations of $175.05 million. Integrated Device Technology had a net margin of 15.17% and a return on equity of 21.80%. The firm’s revenue was down 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share. On average, equities analysts anticipate that Integrated Device Technology will post $1.50 earnings per share for the current year.
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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