Integrated Device Technology (IDTI) Lowered to “Strong Sell” at Zacks Investment Research

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

According to Zacks, “Integrated Device Technology, Inc. develops system-level solutions that optimize its customers’ applications. IDT’s market-leading products in RF, real-time interconnect, wireless power, and SmartSensors are among the company’s broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol IDTI. “

A number of other brokerages have also commented on IDTI. BidaskClub raised Integrated Device Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, January 24th. KeyCorp reissued a “buy” rating on shares of Integrated Device Technology in a research note on Monday, January 29th. Craig Hallum reissued a “buy” rating and set a $40.00 price target (up from $36.00) on shares of Integrated Device Technology in a research note on Tuesday, January 30th. Needham & Company LLC restated a “buy” rating and set a $38.00 price objective (up from $36.00) on shares of Integrated Device Technology in a research report on Tuesday, January 30th. Finally, ValuEngine upgraded Integrated Device Technology from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $33.38.

Shares of Integrated Device Technology (IDTI) opened at $28.77 on Friday. Integrated Device Technology has a 12 month low of $22.70 and a 12 month high of $34.13. The company has a market capitalization of $3,821.66, a PE ratio of 25.92, a PEG ratio of 2.80 and a beta of 1.96. The company has a debt-to-equity ratio of 0.69, a quick ratio of 4.80 and a current ratio of 5.62.

Integrated Device Technology (NASDAQ:IDTI) last announced its quarterly earnings results on Monday, January 29th. The semiconductor company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. Integrated Device Technology had a positive return on equity of 20.26% and a negative net margin of 0.33%. The firm had revenue of $217.10 million for the quarter, compared to analyst estimates of $215.32 million. During the same period last year, the firm posted $0.35 earnings per share. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. sell-side analysts anticipate that Integrated Device Technology will post 1.15 EPS for the current fiscal year.

In other news, insider Xianzhi Sean Fan sold 67,041 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $31.72, for a total transaction of $2,126,540.52. Following the completion of the transaction, the insider now directly owns 138,993 shares in the company, valued at $4,408,857.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gordon W. Parnell sold 6,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $32.45, for a total value of $194,700.00. Following the transaction, the director now owns 82,602 shares of the company’s stock, valued at $2,680,434.90. The disclosure for this sale can be found here. Insiders have sold 149,189 shares of company stock valued at $4,774,019 over the last 90 days. 1.24% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of IDTI. Public Employees Retirement System of Ohio increased its holdings in Integrated Device Technology by 15.7% in the second quarter. Public Employees Retirement System of Ohio now owns 4,935 shares of the semiconductor company’s stock worth $127,000 after purchasing an additional 670 shares in the last quarter. Advisor Group Inc. increased its holdings in Integrated Device Technology by 13.7% in the second quarter. Advisor Group Inc. now owns 4,964 shares of the semiconductor company’s stock worth $129,000 after purchasing an additional 600 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Integrated Device Technology by 47.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,623 shares of the semiconductor company’s stock worth $227,000 after purchasing an additional 2,441 shares in the last quarter. Fortaleza Asset Management Inc. increased its holdings in Integrated Device Technology by 50.7% in the third quarter. Fortaleza Asset Management Inc. now owns 8,905 shares of the semiconductor company’s stock worth $237,000 after purchasing an additional 2,995 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in Integrated Device Technology in the third quarter worth approximately $239,000. Institutional investors and hedge funds own 96.22% of the company’s stock.

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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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