Integrated Device Technology Inc. (IDTI) Receives “Buy” Rating from Needham & Company LLC
Needham & Company LLC reissued their buy rating on shares of Integrated Device Technology Inc. (NASDAQ:IDTI) in a report published on Friday morning. Needham & Company LLC currently has a $25.00 price objective on the stock.
IDTI has been the subject of a number of other reports. Bank of America Corp. upgraded Integrated Device Technology from a neutral rating to a buy rating and set a $26.00 price target for the company in a report on Thursday, May 26th. Vetr upgraded Integrated Device Technology from a buy rating to a strong-buy rating and set a $26.00 price target for the company in a report on Monday, June 6th. Barclays PLC lowered their price target on Integrated Device Technology from $21.00 to $19.00 and set an underweight rating for the company in a report on Tuesday, August 2nd. Brean Capital started coverage on Integrated Device Technology in a report on Monday, May 23rd. They issued a buy rating and a $26.00 price target for the company. Finally, Craig Hallum lowered their price target on Integrated Device Technology from $27.00 to $25.00 and set a buy rating for the company in a report on Tuesday, August 2nd. Two investment analysts have rated the stock with a sell rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $26.36.
Shares of Integrated Device Technology (NASDAQ:IDTI) traded up 1.57% on Friday, hitting $21.33. The stock had a trading volume of 220,314 shares. The company’s 50-day moving average price is $20.15 and its 200 day moving average price is $20.71. Integrated Device Technology has a 12-month low of $16.22 and a 12-month high of $29.04. The firm has a market cap of $2.87 billion, a P/E ratio of 17.30 and a beta of 1.99.
Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.36 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.36. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The business earned $192.10 million during the quarter, compared to the consensus estimate of $191.06 million. During the same period in the previous year, the business earned $0.31 EPS. The business’s quarterly revenue was up 19.4% on a year-over-year basis. On average, equities research analysts forecast that Integrated Device Technology will post $1.41 earnings per share for the current fiscal year.
In other news, VP Mario Montana sold 217,254 shares of the company’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 completion of the sale, the vice president now owns 144,260 shares in the company, valued at $2,844,807.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.38% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its stake in shares of Integrated Device Technology by 16.6% in the first quarter. Renaissance Technologies LLC now owns 2,845,753 shares of the company’s stock valued at $58,167,000 after buying an additional 404,100 shares during the period. State Street Corp raised its stake in shares of Integrated Device Technology by 0.5% in the first quarter. State Street Corp now owns 4,765,667 shares of the company’s stock valued at $97,406,000 after buying an additional 22,954 shares during the period. Kennedy Capital Management Inc. purchased a new stake in shares of Integrated Device Technology during the first quarter valued at $4,090,000. Acrospire Investment Management LLC purchased a new stake in shares of Integrated Device Technology during the first quarter valued at $272,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Integrated Device Technology during the first quarter valued at $228,000. Institutional investors and hedge funds own 90.40% 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.
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