Allianz Asset Management GmbH trimmed its holdings in Integrated Device Technology Inc (NASDAQ:IDTI) by 98.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 692,543 shares of the semiconductor company’s stock after selling 41,970,115 shares during the quarter. Allianz Asset Management GmbH owned about 0.54% of Integrated Device Technology worth $32,556,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brown Advisory Inc. bought a new stake in shares of Integrated Device Technology during the 3rd quarter valued at about $205,000. CIBC Asset Management Inc bought a new stake in shares of Integrated Device Technology during the 3rd quarter valued at about $217,000. Oakbrook Investments LLC bought a new stake in shares of Integrated Device Technology during the 3rd quarter valued at about $235,000. Keybank National Association OH bought a new stake in shares of Integrated Device Technology during the 3rd quarter valued at about $237,000. Finally, Trexquant Investment LP bought a new stake in shares of Integrated Device Technology during the 2nd quarter valued at about $295,000. Institutional investors own 92.13% of the company’s stock.
A number of research firms have issued reports on IDTI. ValuEngine upgraded Integrated Device Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 19th. Dougherty & Co downgraded Integrated Device Technology from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 12th. BidaskClub upgraded Integrated Device Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 8th. Craig Hallum boosted their price target on Integrated Device Technology from $41.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, September 4th. Finally, Susquehanna Bancshares restated a “neutral” rating and set a $49.00 price target (up from $42.00) on shares of Integrated Device Technology in a research note on Tuesday, September 11th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $42.91.
Shares of NASDAQ:IDTI opened at $47.94 on Monday. The company has a market cap of $6.19 billion, a P/E ratio of 37.75, a P/E/G ratio of 3.29 and a beta of 1.69. The company has a quick ratio of 4.17, a current ratio of 4.65 and a debt-to-equity ratio of 0.77. Integrated Device Technology Inc has a 12-month low of $26.96 and a 12-month high of $48.07.
Integrated Device Technology (NASDAQ:IDTI) last announced its quarterly earnings data on Monday, October 29th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.02. The company had revenue of $235.48 million during the quarter, compared to the consensus estimate of $234.07 million. Integrated Device Technology had a return on equity of 29.69% and a net margin of 2.06%. On average, sell-side analysts expect that Integrated Device Technology Inc will post 1.46 earnings per share for the current year.
In related news, SVP Sailesh Chittipeddi sold 33,300 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $47.01, for a total transaction of $1,565,433.00. Following the completion of the transaction, the senior vice president now directly owns 193,095 shares in the company, valued at approximately $9,077,395.95. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Gregory L. Waters sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $42.63, for a total value of $852,600.00. Following the transaction, the chief executive officer now owns 790,370 shares of the company’s stock, valued at $33,693,473.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,300 shares of company stock valued at $2,545,983. 1.23% of the stock is currently owned by corporate insiders.
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Integrated Device Technology Profile
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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