Zacks Investment Research upgraded shares of Integrated Device Technology, Inc. (NASDAQ:IDTI) from a sell rating to a hold rating in a research report released on Friday.

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. “

IDTI has been the subject of several other reports. Loop Capital reaffirmed a buy rating and set a $29.00 price objective on shares of Integrated Device Technology in a research report on Tuesday, August 22nd. BidaskClub cut shares of Integrated Device Technology from a buy rating to a hold rating in a research report on Saturday, August 5th. Bank of America Corporation cut shares of Integrated Device Technology from a neutral rating to an underperform rating and set a $27.00 price objective for the company. in a research report on Tuesday, August 1st. Needham & Company LLC reaffirmed a buy rating on shares of Integrated Device Technology in a research report on Tuesday, August 1st. Finally, Longbow Research began coverage on shares of Integrated Device Technology in a research report on Friday, June 9th. They set a buy rating and a $31.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $28.17.

Integrated Device Technology (NASDAQ:IDTI) opened at 25.02 on Friday. Integrated Device Technology has a 52 week low of $19.35 and a 52 week high of $27.09. The company has a market cap of $3.34 billion, a P/E ratio of 32.49 and a beta of 1.99. The company has a 50-day moving average of $24.83 and a 200-day moving average of $24.49.

Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings results on Monday, July 31st. The semiconductor company reported $0.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.07. Integrated Device Technology had a net margin of 14.50% and a return on equity of 20.34%. The business had revenue of $196.71 million during the quarter, compared to analysts’ expectations of $195.10 million. During the same period in the prior year, the business earned $0.36 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities research analysts predict that Integrated Device Technology will post $1.49 EPS for the current year.

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In related news, Director S Kenneth Kannappan purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average cost of $24.32 per share, for a total transaction of $48,640.00. Following the purchase, the director now directly owns 18,637 shares of the company’s stock, valued at $453,251.84. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory L. Waters sold 170,718 shares of Integrated Device Technology stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $24.36, for a total transaction of $4,158,690.48. The disclosure for this sale can be found here. Insiders have sold a total of 221,541 shares of company stock worth $5,398,165 over the last quarter. 1.24% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc increased its stake in Integrated Device Technology by 23.6% in the first quarter. Legal & General Group Plc now owns 85,591 shares of the semiconductor company’s stock valued at $2,026,000 after purchasing an additional 16,315 shares during the period. Greenwood Capital Associates LLC increased its stake in Integrated Device Technology by 1.3% in the second quarter. Greenwood Capital Associates LLC now owns 18,604 shares of the semiconductor company’s stock valued at $480,000 after purchasing an additional 234 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Integrated Device Technology by 5.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,207 shares of the semiconductor company’s stock valued at $218,000 after purchasing an additional 500 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in Integrated Device Technology by 57.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,487,425 shares of the semiconductor company’s stock valued at $64,151,000 after purchasing an additional 907,200 shares during the period. Finally, US Bancorp DE increased its stake in Integrated Device Technology by 87.6% in the first quarter. US Bancorp DE now owns 72,206 shares of the semiconductor company’s stock valued at $1,708,000 after purchasing an additional 33,718 shares during the period. Institutional investors own 95.90% of the company’s stock.

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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