Bank of America Corp DE decreased its stake in Integrated Device Technology Inc (NASDAQ:IDTI) by 42.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,120,152 shares of the semiconductor company’s stock after selling 821,086 shares during the period. Bank of America Corp DE’s holdings in Integrated Device Technology were worth $35,711,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of IDTI. Parnassus Investments CA purchased a new stake in Integrated Device Technology in the second quarter worth about $36,021,000. Victory Capital Management Inc. grew its position in shares of Integrated Device Technology by 1,258.5% during the second quarter. Victory Capital Management Inc. now owns 1,117,920 shares of the semiconductor company’s stock worth $35,640,000 after purchasing an additional 1,035,630 shares in the last quarter. Summit Trail Advisors LLC grew its position in shares of Integrated Device Technology by 2,625.6% during the first quarter. Summit Trail Advisors LLC now owns 918,017 shares of the semiconductor company’s stock worth $918,000 after purchasing an additional 884,336 shares in the last quarter. Cavalry Management Group LLC grew its position in shares of Integrated Device Technology by 159.2% during the first quarter. Cavalry Management Group LLC now owns 869,948 shares of the semiconductor company’s stock worth $26,586,000 after purchasing an additional 534,341 shares in the last quarter. Finally, Oak Ridge Investments LLC purchased a new stake in shares of Integrated Device Technology during the second quarter worth about $11,629,000. Institutional investors and hedge funds own 97.62% of the company’s stock.

Several analysts recently issued reports on the company. BidaskClub cut Integrated Device Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. Zacks Investment Research upgraded Integrated Device Technology from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Saturday, June 30th. ValuEngine upgraded Integrated Device Technology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 19th. Cowen set a $37.00 target price on Integrated Device Technology and gave the stock a “buy” rating in a research report on Tuesday, June 12th. Finally, Craig Hallum increased their target price on Integrated Device Technology from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $41.54.

NASDAQ IDTI opened at $46.90 on Friday. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 36.93, a PEG ratio of 3.21 and a beta of 1.90. The company has a debt-to-equity ratio of 0.78, a current ratio of 5.66 and a quick ratio of 4.98. Integrated Device Technology Inc has a 1-year low of $25.82 and a 1-year high of $47.45.

Integrated Device Technology (NASDAQ:IDTI) last released its quarterly earnings results on Monday, July 30th. The semiconductor company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. The business had revenue of $228.52 million during the quarter, compared to analysts’ expectations of $226.91 million. Integrated Device Technology had a return on equity of 26.05% and a net margin of 0.21%. The firm’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. research analysts forecast that Integrated Device Technology Inc will post 1.46 EPS for the current fiscal year.

In other Integrated Device Technology news, SVP Sailesh Chittipeddi sold 33,300 shares of the firm’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 owns 193,095 shares in the company, valued at approximately $9,077,395.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory L. Waters sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $31.65, for a total value of $474,750.00. Following the transaction, the chief executive officer now owns 780,370 shares of the company’s stock, valued at approximately $24,698,710.50. The disclosure for this sale can be found here. Insiders have sold a total of 109,300 shares of company stock valued at $4,335,013 in the last 90 days. 1.23% of the stock is currently owned by company insiders.

Integrated Device Technology Company 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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Institutional Ownership by Quarter for Integrated Device Technology (NASDAQ:IDTI)

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