Integrated Device Technology Inc (IDTI) Short Interest Up 21.8% in October

Integrated Device Technology Inc (NASDAQ:IDTI) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 11,675,887 shares, an increase of 21.8% from the October 15th total of 9,588,574 shares. Based on an average daily trading volume, of 2,565,629 shares, the short-interest ratio is currently 4.6 days. Approximately 9.2% of the company’s shares are sold short.

A number of research firms recently commented on IDTI. Piper Jaffray Companies restated a “buy” rating and issued a $37.50 price objective on shares of Integrated Device Technology in a research report on Tuesday, July 31st. Zacks Investment Research upgraded shares of Integrated Device Technology from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Monday, August 6th. Craig Hallum upped their price objective on shares of Integrated Device Technology from $41.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, September 4th. Cowen upped their price objective on shares of Integrated Device Technology from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, July 19th. Finally, Bank of America upped their price objective on shares of Integrated Device Technology from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, July 31st. Nine investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $42.91.

IDTI stock opened at $46.75 on Friday. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 36.81, a PEG ratio of 3.23 and a beta of 1.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.65 and a quick ratio of 4.17. Integrated Device Technology has a 1 year low of $26.96 and a 1 year high of $47.45.

Integrated Device Technology (NASDAQ:IDTI) last released its earnings results on Monday, October 29th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.02. The firm had revenue of $235.48 million during the quarter, compared to analysts’ expectations of $234.07 million. Integrated Device Technology had a return on equity of 29.69% and a net margin of 2.06%. As a group, sell-side analysts forecast that Integrated Device Technology will post 1.45 earnings per share for the current year.

In related news, VP David Shepard sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $42.65, for a total value of $127,950.00. Following the completion of the sale, the vice president now owns 75,569 shares in the company, valued at approximately $3,223,017.85. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Sailesh Chittipeddi sold 33,300 shares of the company’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $47.01, for a total transaction of $1,565,433.00. Following the completion of the sale, the senior vice president now owns 193,095 shares of the company’s stock, valued at approximately $9,077,395.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,300 shares of company stock valued at $2,545,983. 1.23% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund increased its holdings in Integrated Device Technology by 3.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 51,370 shares of the semiconductor company’s stock worth $1,638,000 after purchasing an additional 1,472 shares in the last quarter. Xact Kapitalforvaltning AB boosted its stake in shares of Integrated Device Technology by 8.5% during the 3rd quarter. Xact Kapitalforvaltning AB now owns 20,397 shares of the semiconductor company’s stock worth $959,000 after buying an additional 1,600 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Integrated Device Technology by 17.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 10,581 shares of the semiconductor company’s stock worth $337,000 after buying an additional 1,607 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Integrated Device Technology by 0.8% during the 2nd quarter. Mutual of America Capital Management LLC now owns 220,689 shares of the semiconductor company’s stock worth $7,036,000 after buying an additional 1,768 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Integrated Device Technology by 16.4% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 13,305 shares of the semiconductor company’s stock worth $625,000 after buying an additional 1,872 shares during the last quarter. Hedge funds and other institutional investors own 95.87% of the company’s stock.

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About Integrated Device Technology

Integrated Device Technology, Inc designs, develops, manufactures, and markets a range of semiconductor solutions for the communications, computing, consumer, automotive, industrial, and industrial end-markets. It operates in two segments, Communications; and Computing, Consumer and Industrial. The Communications segment offers clocks and timing solutions; radio frequency products; flow-control management products, including multi-port products; telecommunication interface products; static random access memory products; first in and first out memories; digital logic products; optical interconnect and frequency control solutions; and Serial RapidIO switching solutions.

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