Integrated Device Technology, Inc. (IDTI) Expected to Announce Quarterly Sales of $200.06 Million
Equities research analysts predict that Integrated Device Technology, Inc. (NASDAQ:IDTI) will announce sales of $200.06 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Integrated Device Technology’s earnings. The lowest sales estimate is $196.68 million and the highest is $201.32 million. Integrated Device Technology posted sales of $184.06 million during the same quarter last year, which suggests a positive year-over-year growth rate of 8.7%. The company is scheduled to report its next quarterly earnings report on Monday, October 30th.
On average, analysts expect that Integrated Device Technology will report full-year sales of $200.06 million for the current fiscal year, with estimates ranging from $829.80 million to $832.87 million. For the next financial year, analysts forecast that the business will post sales of $900.17 million per share, with estimates ranging from $890.00 million to $910.40 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Integrated Device Technology.
Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings data on Monday, July 31st. The semiconductor company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by $0.07. Integrated Device Technology had a return on equity of 20.34% and a net margin of 14.50%. The company had revenue of $196.71 million for the quarter, compared to the consensus estimate of $195.10 million. During the same period in the prior year, the company earned $0.36 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year.
Several analysts recently commented on IDTI shares. Zacks Investment Research upgraded Integrated Device Technology from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Wednesday, July 5th. BidaskClub cut Integrated Device Technology from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 15th. Needham & Company LLC reiterated a “buy” rating on shares of Integrated Device Technology in a report on Tuesday, August 1st. Barclays PLC reiterated an “underweight” rating on shares of Integrated Device Technology in a report on Friday, July 21st. Finally, Susquehanna Bancshares Inc upped their target price on Integrated Device Technology from $30.00 to $33.00 and gave the company a “positive” rating in a report on Wednesday, June 28th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $27.67.
In other news, VP Mario Montana sold 20,374 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.43, for a total transaction of $497,736.82. Following the transaction, the vice president now directly owns 67,443 shares of the company’s stock, valued at $1,647,632.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Sailesh Chittipeddi sold 21,849 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $24.36, for a total value of $532,241.64. The disclosure for this sale can be found here. Insiders have sold a total of 261,731 shares of company stock worth $6,441,260 over the last 90 days. Company insiders own 1.24% of the company’s stock.
Several institutional investors have recently modified their holdings of IDTI. FMR LLC raised its position in shares of Integrated Device Technology by 63.4% in the second quarter. FMR LLC now owns 9,999,837 shares of the semiconductor company’s stock worth $257,896,000 after buying an additional 3,878,581 shares during the last quarter. Snow Capital Management LP raised its position in shares of Integrated Device Technology by 2,388.4% in the first quarter. Snow Capital Management LP now owns 1,207,492 shares of the semiconductor company’s stock worth $28,581,000 after buying an additional 1,158,967 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Integrated Device Technology by 57.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,487,425 shares of the semiconductor company’s stock worth $64,151,000 after buying an additional 907,200 shares during the last quarter. Chartwell Investment Partners LLC purchased a new position in shares of Integrated Device Technology during the first quarter worth $20,815,000. Finally, Alliancebernstein L.P. raised its position in shares of Integrated Device Technology by 28.8% in the first quarter. Alliancebernstein L.P. now owns 3,093,168 shares of the semiconductor company’s stock worth $73,215,000 after buying an additional 692,356 shares during the last quarter. 93.33% of the stock is currently owned by institutional investors.
Shares of Integrated Device Technology (NASDAQ IDTI) opened at 24.14 on Thursday. The firm’s 50-day moving average is $25.44 and its 200-day moving average is $24.58. Integrated Device Technology has a one year low of $19.35 and a one year high of $27.09. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 31.35 and a beta of 1.97.
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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