Integrated Device Technology Inc. (IDTI) Rating Lowered to Hold at Zacks Investment Research
Integrated Device Technology Inc. (NASDAQ:IDTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Integrated Device Technology, Inc. designs, develops, manufactures and markets a broad range of high-performance semiconductor products and modules. Applications for the company’s products include data and telecommunications equipment, such as routers, hubs, switches, cellular base stations and other devices; personal computers; and networked peripherals and servers, such as RAID arrays, servers, and printers. “
Several other research firms also recently commented on IDTI. Vetr raised Integrated Device Technology from a “buy” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a report on Wednesday, June 15th. Roth Capital started coverage on Integrated Device Technology in a research note on Wednesday, September 28th. They issued a “buy” rating and a $26.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $25.00 price target (down previously from $27.00) on shares of Integrated Device Technology in a research note on Tuesday, August 2nd. Charter Equity cut Integrated Device Technology from a “buy” rating to a “mkt perform” rating in a research note on Tuesday, August 2nd. Finally, Craig Hallum dropped their price target on Integrated Device Technology from $27.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $26.07.
Shares of Integrated Device Technology (NASDAQ:IDTI) traded down 3.90% during midday trading on Wednesday, hitting $20.23. 4,138,494 shares of the stock traded hands. Integrated Device Technology has a 1-year low of $16.22 and a 1-year high of $29.04. The company has a market capitalization of $2.72 billion, a P/E ratio of 16.41 and a beta of 2.02. The stock has a 50 day moving average of $21.26 and a 200 day moving average of $20.98.
Integrated Device Technology (NASDAQ:IDTI) last released its quarterly earnings data on Monday, August 1st. The company reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. The company earned $192.10 million during the quarter, compared to the consensus estimate of $191.06 million. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. Equities research analysts predict that Integrated Device Technology will post $1.41 earnings per share for the current fiscal year.
In related news, VP Mario Montana sold 217,254 shares of the firm’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $19.72, for a total value of $4,284,248.88. Following the transaction, the vice president now owns 144,260 shares in the company, valued at $2,844,807.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.38% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Aperio Group LLC boosted its position in shares of Integrated Device Technology by 39.1% in the first quarter. Aperio Group LLC now owns 27,763 shares of the company’s stock worth $567,000 after buying an additional 7,807 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Integrated Device Technology by 30.0% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 99,985 shares of the company’s stock worth $2,044,000 after buying an additional 23,090 shares during the last quarter. Royce & Associates LP boosted its position in shares of Integrated Device Technology by 118.1% in the first quarter. Royce & Associates LP now owns 386,100 shares of the company’s stock worth $7,892,000 after buying an additional 209,100 shares during the last quarter. Huntington Asset Advisors Inc. bought a new position in shares of Integrated Device Technology during the first quarter worth approximately $102,000. Finally, NWQ Investment Management Company LLC boosted its position in shares of Integrated Device Technology by 86.8% in the first quarter. NWQ Investment Management Company LLC now owns 1,441,171 shares of the company’s stock worth $29,458,000 after buying an additional 669,500 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.
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.
Receive News & Stock Ratings for Integrated Device Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Integrated Device Technology Inc. and related stocks with our FREE daily email newsletter.