Integrated Device Technology, Inc. (IDTI) Releases Quarterly Earnings Results
Integrated Device Technology, Inc. (NASDAQ:IDTI) posted its earnings results on Monday. The semiconductor company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01, RTT News reports. Integrated Device Technology had a net margin of 14.50% and a return on equity of 20.34%. The firm had revenue of $204.40 million for the quarter, compared to analysts’ expectations of $200.99 million. During the same quarter last year, the firm earned $0.34 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year.
Integrated Device Technology (NASDAQ:IDTI) traded up 1.40% on Monday, reaching $28.97. 1,593,030 shares of the company were exchanged. The firm has a market capitalization of $3.87 billion, a P/E ratio of 37.62 and a beta of 1.98. Integrated Device Technology has a 12-month low of $20.50 and a 12-month high of $29.06. The firm has a 50-day moving average of $27.23 and a 200 day moving average of $25.34.
A number of research firms recently commented on IDTI. Zacks Investment Research raised shares of Integrated Device Technology from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Barclays PLC lifted their price target on shares of Integrated Device Technology from $22.00 to $24.00 and gave the stock an “underweight” rating in a report on Wednesday, October 18th. KeyCorp reaffirmed a “buy” rating and issued a $30.00 price target on shares of Integrated Device Technology in a report on Tuesday, October 17th. Needham & Company LLC reaffirmed a “buy” rating on shares of Integrated Device Technology in a report on Tuesday, August 1st. Finally, Bank of America Corporation cut shares of Integrated Device Technology from a “neutral” rating to an “underperform” rating and set a $27.00 price target on the stock. in a report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $28.55.
In other Integrated Device Technology news, Director S Kenneth Kannappan purchased 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were acquired at an average cost of $24.32 per share, for a total transaction of $48,640.00. Following the completion of the transaction, the director now owns 18,637 shares of the company’s stock, valued at $453,251.84. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Mario Montana sold 20,374 shares of the 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 completion of the transaction, the vice president now owns 67,443 shares in the company, valued at $1,647,632.49. The disclosure for this sale can be found here. 1.24% of the stock is owned by corporate insiders.
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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